Congressman With Massive Debts Argues Federal Government Must Have Balanced Budget

[LiberalFighter]

ThinkProgress

A Republican Congressman on the House Budget Committee whose car dealership has at least $2.5 million in debts insisted on Wednesday that companies and individuals must balance their budgets “every single day.” The comments came during a day-long hearing about Rep. Paul Ryan’s (R-WI) spending plan, which achieves balance within 10 years.

But businesses and individuals don’t balance their budgets each day. They routinely take out mortgages, business and student loans, reasoning that an investment made today in college education or a new equipment can lead to greater returns down the road. Williams’ own Chrystler car dealership has a long line of credit and a note payable and by definition does not maintain a balanced budget.

His financial statement at the link.

My comment...

Many that balance their budgets every single day likely are forced to because they are not paid a living wage. When they are living paycheck to paycheck and barely making it there are few options and it is mostly getting more in the hole. Those that have it better but still not well off might have a home mortgage and an auto loan if they can't afford to pay cash. Some might have to take out a 2nd mortgage.

The government has other obligations that a business or individuals don't have. Just as a business can't budget the same as individuals and vice versus. In this case he is trying to compare apples, oranges, and peas as if they were the same.