Bloomberg: "We are spending money we don’t have"

[^_^ 5,021]

“We are spending money we don’t have,” Mr. Bloomberg explained. “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. … Our debt is so big and so many people own it that it’s preposterous to think that they would stop selling us more. It’s the old story: If you owe the bank $50,000, you got a problem. If you owe the bank $50 million, they got a problem. And that’s a problem for the lenders. They can’t stop lending us more money.”

http://politicker.com/2013/03/mayor-bloomberg-dont-panic-about-the-sequester/

[Caryh 5,206]

So since Social Security is the biggest holder of USA debt at $2.72 trillion, they've got a problem.

[I AM NOT THAT GUY 5,715]

So since Social Security is the biggest holder of USA debt at $2.72 trillion, they've got a problem.

It is only a problem if you expect to retire in the next ten years.....Oh #######!

[Harsh_77 718]

Bloomberg is a nutcase.

[^_^ 5,021]

Bloomberg is a nutcase.

He's a lot more successful than you will ever be.

[Caryh 5,206]

It is only a problem if you expect to retire in the next ten years.....Oh #######!

My wife would like me to, as we plan to move back to the Philippines when I do. But my plan is to wait until full SS benefits will be in place. Although I just looked at the SS site and see they now also have an option to wait until age 70. Its not going to happen in my case. They've already pushed me to age 66 years and 10 months for full benefits.

[^_^ 5,021]

I think I have to wait till 67. I don't even believe I'm gonna live that long.

[Caryh 5,206]

[quote name=' timestamp='1362157152' post='6014266]

He's a lot more successful than you will ever be.

Got more than you, he's a nut case.

Got less than you, he's a lazy bum.

Got the same as you, somebody has to die.

[^_^ 5,021]

Got more than you, he's a nut case.

Got less than you, he's a lazy bum.

Got the same as you, somebody has to die.

murka!

[Caryh 5,206]

[quote name=' timestamp='1362158055' post='6014297]

I think I have to wait till 67. I don't even believe I'm gonna live that long.

They have retire at 70 option now to. More money yet, but you might have to move to Chicago and remember to vote if you want to collect it after you die.