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?
Share

Be the first to leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>