Michael Bloomberg Quotes
Fiscal conservatism means balancing budgets — not running deficits that the next generation can't afford. It means improving the efficiency of delivering services by finding innovative ways to do more with less. It means cutting taxes when possible and prudent to do so, raising them overall only when necessary to balance the budget, and only in combination with spending cuts. It means when you run a surplus, you save it; you don't squander it. And most importantly, being a fiscal conservative means preparing for the inevitable economic downturns — and by all indications, we've got one coming.
Bloomberg was one of the few people who say the meltdown of 2008 coming. His principle of saving a surplus for spending in the downturns, which served New York so well goes against most Democrat and Republican politicians. If there is a surplus, the Democrats want to spend it. The Republicans want to cut taxes and return the surplus. Neither is prepared for an economic slowdown.
Michael Bloomberg, Mayor of New York City (Republican and Democrat), Speech, British Conservative Party, England, September 30, 2007
Sourced by: Eigen's Political and Historical Quotations
This position angered the extreme conservatives and the extreme liberals who both opposed him in 2012. However, the majority of the state supported him and he was elected on this middle of the road platform with most of the activists against him.
The country was in a terrible recession and McKinley and other politicians of the time did not know about or understand the use of a counter-cyclical policy of government stimulus. With the economy devastated and the main revenue for the Federal Government coming only from import customs duty, the Federal coffers were emptying rapidly. Retrenchment was the only possible step that was then known.
1st Viscount Snowden
Michael Rubens Bloomberg is an American businessman, politician, philanthropist, and author. He is the majority owner and co-founder of Bloomberg L.P. He was the Mayor of New York City from 2002 to 2013, and was a candidate for the 2020 Democratic nomination for president of the United States.