Why Is There Government Debt?
Posted: Friday, October 30th, 2015
It is extremely rare to find a government that doesn't borrow money. Even ones that boast of a balanced budget only do so because they budgeted by borrowing to cover the spending that was beyond their budget. Eau Claire's City Manager did just that when one of his accomplishments was listed as three years of a balanced budget. If money has to be borrowed, the budget is not balanced.
Governor Walker has asked legislators to approve borrowing $200 million for highway repairs. This was part of the budget. He stated such a move is critical and needed in order to draw businesses and tourists to Wisconsin.
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