What, me worry?
Posted on October 17, 2012
- Porter Stansberry writes in the S&A Digest:
- According to independent analysts (Bloomberg News and State Budget Solutions), the state of California is now $617 billion in debt. This figure includes likely future pension fund contributions. That’s more than twice as much as the next most indebted state, New York ($305 billion).
California has about 37 million people. About 15% of these folks are under 18 years old. So that leaves about 30 million adults. As a rough measure, we can assume that only about 60% of the adults are working… That leaves about 18 million actual workers. It’s these folks who (in theory) will bear the burden of these debts. That’s $34,000 per worker in the state of California. Do you think the average citizen in California can really afford an extra $34,000 in debt?