Trump Pick for Budget Director Declares National Debt Level Just Fine

Office of Management and Budget director nominee Mike Mulvaney testified Tuesday that America’s almost $20 trillion in national debt is a crisis equivalent to an average family owing a quarter of a million dollars in credit-card debt.

“Families know what that would mean for them,” Mulvaney said Tuesday. β€œIt is time for government to learn the same lesson.”

The average home loan in 2015, however, was $294,900, and at higher rates than the government pays on its debt. Plus, Trump just raised rates on a million homeowners. All of which means that the federal government’s debt level is apparently just fine and Mulvaney can recruit Obama officials to teach average families how to manage their debt better.

Mulvaney also said that the retirement age for Social Security should be raised to 70, to prevent Social Security from going bankrupt. To prevent the Pentagon from going bankrupt, Mulvaney proposed giving it money.

more: Bloomberg