Good evening,
My name is George Hartzman and I teach financial ethics
and economic professional continuing education.
It is my understanding
that The City of Greensboro increased total debt outstanding
by about 850% since 2000,
850% in nine years,
and the Council authorized the placement of 35% more debt
on last November’s ballot.
When municipalities borrow and spend money,
the community enjoys the immediate economic benefits
The problem is, when you spend money in the short-term
by borrowing in the long-term
you are indirectly taxing the future income of the community’s children
who were ineligible to vote?
It’s not like when a parent dies,
and creditors eat any outstanding liabilities larger than assets,
leaving their children debt free.
Greensboro’s young
will have to repay principle and interest
on relatively large sums of debt
after the stimulative economic benefits of spending the money
have passed.
Thomas Jefferson wrote spending money to be paid by posterity
is but swindling futurity on a large scale.
Let’s give Greensboro a better chance to succeed
than our forefathers gave our parents
and our parents gave us.
Let’s not spend more than we make.
Let’s prioritize expenses, maximize what works and eliminate what doesn’t
and prepare for what could happen after what may happen next
Thank you
Dear readers, if you believe in what we are saying,
please pass this speech along to everyone you know.
Disseminating critically material information
that a status quo may not want you to know
can transform a status quo that needs it.
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