Billionaire New York City Mayor Bloomberg says that, unlike American households, the federal government’s debt does not matter because “people do seem willing to lend us an infinite amount of money.”
It’s not like your household. In your household, people are saying, “Oh, you can’t spend money you don’t have.” That is true for your household because nobody is going to lend you an infinite amount of money. When it comes to the United States federal government, people do seem willing to lend us an infinite amount of money.
The mayor went on to claim, “If you owe the bank $50,000, you got a problem. If you owe the bank $50 million, they got a problem.” He said, “They can’t stop lending us more money.”
Bloomberg made his comments during his weekly radio show.
According to Forbes, Michael Bloomberg is the 15th richest man in the world.