Ninety Thousand Dollars, Billions, Missouri discussed on The Vance Crowe Podcast
Somebody's gotta to pay it off assuming that there's no we can talk about the federal bailouts and all that but to me. There's no federal bailout. Then it's the ordinary ordinary people annoy. Who are on the hook for paying back. The problem is the debts gotten so large. We've we've made the armenta wire points. There's no way to fix it without cutting that debt. Either through either through bankruptcy or through some kind of reforms and to share with the unions or through some legal mechanism to cut those debts. It so much that they're trying to make people paid off unless you build a wall around illinois people. Continue to leave when you say it's so much. Hope van that put it in. Yeah so okay. There's moody's moody's rating agency arranged. Who it is you know. They they rate illinois. There is a bad up all the pension after they official number right the state puts out official numbers. Nobody believes there too low moodysson calculation. And when you add up all the pension debts and retiree health insurance dad's which pensioners get and you have for chicago for cook county for you all every local government in the in the state at the state level. It's about four hundred twenty billion dollars. Now that's a big number but it means nothing Foreign twenty billion dollars is about ninety thousand dollars a household so imagine you're living in in missouri you think about moving to illinois. Well if you move in you're going to assume in some way ninety thousand dollars of additional taxes to pay down not for not for current services not for better roads not for not for your schools is to pay down simply the old pension debt for services all for services already. So it's ninety thousand dollars a household well think about fat. That's a massive number and the numbers actually worse than that. Why because at least a quarter of the population is in poverty. So they'll never pay into into that four hundred twenty billion dollars so that means people like me and others who have means you'll have to pay so that number what is a hundred and fifty thousand two hundred thousand per household people just won't pay not to a corrupt government that won't fix things in the numbers only grow. The numbers only grow every every year. The debts are billions more than the year before and yet the state says we always have balanced budgets. Never true So so you know the way this plays out is is that it's so much that people just fleet and when people flee it's the same amount of debt on your people and so the numbers spirals up until young i don't know do we debated detroit if they hit a puerto rico so many people leave the debt so onerous that can pay it. Yeah i mean one of the You know you. And i. Before the show talked about the peter thiel paradox in my peter thiel has been for awhile although it no longer works because people agree with me is missouri oughta just set a little money aside and wait for the state of illinois eventually crumble and then we should buy cahokia mounds which i think is a national. You know international treasurer. And do you think it will get to that point that the state of illinois will be forced to sell off important parts of it. Will they ever sell off land itself so this is where it gets complex. Cova coleman cova change the rules of the game for everything all right so here here..