Republican Senate Nominee Who Thinks Government Shouldn’t Borrow Has Personal Debt

Jul 2008
2,673
527
Anderson, IN
#1
Republican Senate Nominee Has Personal Debt

Gomez, a wealthy private equity investor who was paid more than $993,000 last year in salary and bonuses, won last Tuesday’s Republican primary and will face Rep. Ed Markey (D) in the June 25 Senate special election. The cornerstone of his campaign is his plan to “reboot Congress.”

In addition to proposing unconstitutional legislative measures including a line-item veto and a “No Budget No Pay” law, he suggests Congress should enact a dangerous Balanced Budget Amendment to the U.S. constitution.

He explains:

BALANCED BUDGET AMENDMENT: Massachusetts has to balance its budget, and so does every family and every business. The federal government should do the same.

Government is nothing like a business and cannot be run as one — its aim is to protect its citizens, not to turn a profit. But even businesses and individuals often borrow in the short term to make investments for the long term — mortgages, lines of credits, and other sorts of loans are facts of life for millions of Americans and businesses of all sizes. Start-up businesses rarely break even for the first several years and few people can afford to buy their first home outright or pay for their kids to go to college out of pocket.

None of this should come as news to Gomez, who himself has borrowed money. His financial disclosure form reveals that despite his massive holdings and income, he took out a student loan in 2010. The debt, currently between $50,001 and $100,000, is to be paid back over a 23-year term at a 3.5 percent interest rate.

And his former company? It’s website’s frequently asked questions section says:

Does Advent use external debt as well as equity to finance its investments?
Yes, we do use third party debt financing as well as equity to finance our investments. This is typical industry practice. However, we take a very prudent approach to the use of debt.

A 2011 study by the non-partisan Center for Budget and Policy Priorities found that a Balanced Budget Amendment could throw about 15 million more people out of work, double the unemployment rate from 9 percent to approximately 18 percent, and cause the economy to shrink by about 17 percent instead of growing by an expected 2 percent.
But hey, if people are not aware that the aim of the republcian party is to create financial disaster in the US so their corporations can come back to slave labor markets, then people have been suffocating with their heads up their arses since 1980....;)
 
Jul 2008
2,673
527
Anderson, IN
#3
Do you have a point, argument, or a connection between any of this?
You don't think it slightly hypocritical of a persons running for office, who, despite a big incomes, has huge debt, to be telling a government which looks after its people, or is supposed to look after its human people and not corporate-persons, NOT to incur debt?

Are you kidding me?
 
Jun 2012
41,958
15,178
Barsoom
#4
You don't think it slightly hypocritical of a persons running for office, who, despite a big incomes, has huge debt, to be telling a government which looks after its people, or is supposed to look after its human people and not corporate-persons, NOT to incur debt?

Are you kidding me?
What is the huge debt? How much?
 
Apr 2013
38,082
26,091
La La Land North
#5
Hey, acquiring a resource at a small cost that allows you to generate a larger income is just good, smart business. Money is a resource. If he can borrow at 3.5% and get a return on capital of say 6% he's making smart money. Seems to me that kind of thinking might help the nation.
 
Nov 2012
40,776
11,759
Lebanon, TN
#6
Republican Senate Nominee Has Personal Debt



But hey, if people are not aware that the aim of the republcian party is to create financial disaster in the US so their corporations can come back to slave labor markets, then people have been suffocating with their heads up their arses since 1980....;)
I once had personal debt.. And before I got out of debt I learned that Debt was slavery, and it should be avoided at all cost.

So apparently the Senator has learned the evil of debt.

So he now is against the Debt as a way to enslave one self.

SO APPARENLTY THE SENATOR UNLIKE MOST DEMOCRATS AND REPUBLICANS.... LEARNED HIS LESSON.

which makes him a Smart man..

"You are Smart if you learn from your mistakes... IT IS GENEIUS WHEN YOU LEARN FROM THE MISTAKES OF OTHERS." Dave Ramsey (he may have been quoting someone else but I will give him the credit for now.
 
Jul 2008
2,673
527
Anderson, IN
#7
I once had personal debt.. And before I got out of debt I learned that Debt was slavery, and it should be avoided at all cost.

So apparently the Senator has learned the evil of debt.

So he now is against the Debt as a way to enslave one self.

SO APPARENLTY THE SENATOR UNLIKE MOST DEMOCRATS AND REPUBLICANS.... LEARNED HIS LESSON.

which makes him a Smart man..

"You are Smart if you learn from your mistakes... IT IS GENEIUS WHEN YOU LEARN FROM THE MISTAKES OF OTHERS." Dave Ramsey (he may have been quoting someone else but I will give him the credit for now.
So, nice story and congratulations.

But let's say there's this budget amendment passed and then it goes through the government cannot raise its debt.

Let's say there are 15 more factories exploding in Texas, the fracking for natural gas causees 7 earthquakes in the midwest and appalachia regions and an army of middle east fighters here to take out our government attacks....we have no money for anything...you think that's smart?
 
Jul 2008
2,673
527
Anderson, IN
#8
Hey, acquiring a resource at a small cost that allows you to generate a larger income is just good, smart business. Money is a resource. If he can borrow at 3.5% and get a return on capital of say 6% he's making smart money. Seems to me that kind of thinking might help the nation.
And the US investing in jobs, which would generate more taxes and demands on the private sector to create more jobs has been the proven formula for getting out of a recession/depression for decades.

So, he's not proposing debt accumulation, though, is he? He's proposing NO debt for the US. how does that work with a government?
 
Jun 2012
41,958
15,178
Barsoom
#9
So, nice story and congratulations.

But let's say there's this budget amendment passed and then it goes through the government cannot raise its debt.

Let's say there are 15 more factories exploding in Texas, the fracking for natural gas causees 7 earthquakes in the midwest and appalachia regions and an army of middle east fighters here to take out our government attacks....we have no money for anything...you think that's smart?
What is the huge debt? How much?