While in Seattle last week, I watched this segment of John Stossel’s show. It’s well worth watching if you want to understand how difficult it is [politically] for politicians to stop spending money.
While in Seattle last week, I watched this segment of John Stossel’s show. It’s well worth watching if you want to understand how difficult it is [politically] for politicians to stop spending money.
Until it is on a country’s Constitution that it is absolutely illegal to run deficits at all level of Government except in time of war (For defense) or in time of massive natural disasters within own’s borders; this nonsense will continue and people will continue asking for more.
I don’t care when there are slow downs in economic cycles…Government need to cut and balance budget accordingly.
Government workers are not royalty; why should we all go in debt so they can keep their jobs? That’s the equivalent of Communism in my books…
I agree, Terry. Balanced budgets at ALL levels of government should be mandatory except in times of war when the homeland is directly threatened. Other than that, we should be paying our own bills each & every year!
Pay as we go, how silly is that? Never taken out a mortgage, a car loan? Typical tea bagging inanity.
“Pay as we go, how silly is that? Never taken out a mortgage, a car loan? Typical tea bagging inanity.”
===========
Gummint doesn’t buy houses.
Give me an example of something the government couldn’t budget for or pay for as they go.
They could think ahead a bit, and, gasp, put money away for the rainy days.
Phil – you can still have a mortgage, car loan without running a deficit as long as you can afford to make the payments.
It would be buying a second home or a Ferrari when you clearly don’t have the money to make the monthly payments – that’s when you run a deficit. $5,000 in, $7,000 out – that never works out well.
Most of us live within our means, governments should as well. Just think of all the interest that could be spent on something useful, or even better how much less we would have to pay in taxes.
Yeah Phil, so much more “sane” to borrow oodles of money for future generations to pay back.
Brilliant idea!
Phil >
“Pay as we go, how silly is that? Never taken out a mortgage, a car loan?”
Taking out a mortgage for a roof over your head or wheels to get to work is a far cry from borrowing money to pay for 45 million people on food stamps, protecting foreign borders from their neighbours and million dollar programs to educate Chinese prostitutes about over drinking in China.
A mortgage or car loan is a personal decision, government mismanaged spending is using other people’s money wastefully for special interest indulgences.
Give your head a shake.
It is illegal for local governments in BC (and likely in other Provinces as well) to run deficit budgets. Capital borrowing is allowed obviously for sewer, water and other infrastructure but all borrowing costs must fall within the no deficit rule. Senior levels of government have no such discipline.
John C @12:42
Ontario used to have a law like that.
Nine Years of Deficit Spending adds $116.6 billion to debt – borrowing at $675 per second
The government is projecting a deficit of $21.3 billion for 2009-10, the largest deficit in the history of Ontario. Deficits are projected through 2017-18. In nine years of deficits, Premier McGuinty will add $116.6 billion more to Ontario’s debt. That amount is $9,328 for each man, woman and child in Ontario. The government is borrowing at a rate of $58.4 million per day.
he must be in a race with BO to see which one can bankrupt themselves and their grand children the fastest.