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Colorado and California are tops in the nation for per-capita debt. Both states per-capita household debt is twice that of conservative Iowa, North Dakota, Oklahoma.
The median individual in very liberal, Democratic Colorado has nearly three times the debt of very conservative West Virginia. $50,000 in Colorado, compared to $17,500 in West Virginia.
Colorado and North Dakota both have the same per-capita income, but the per-capita debt in Colorado is over $50,000 as opposed to conservative North Dakota at $21,000
The lavish spending in spending doesn't end with the highest per-capita debt in America but the pension plan is in a state of complete fiasco and if they intend to fulfill their obligations they will have to have massive tax increases coming soon to stem the massive investment losses.
Having spent the summer working in Nebraska and coming to Colorado to visit relations, I noticed that just like the state of Nebraska which is fully-solvent and has more than enough to pay for the state liabilities that the people are very fiscally conservative.
When I was in Nebraska very few people had more than a car to get from point A to point B, people tend to shop bargains in the grocery stores and there are very few signs of luxury, they are there but most people there seem to live way below their means.
When I arrived in Denver, I noticed that there are luxury cars everywhere, signs of excess are everywhere, a majority of the people out and about are on cell-phones rambling about business deals.
Most people in Nebraska work jobs that they can always have or will always will be there for them. Colorado by contrast has a massive amount of very, very cyclical companies just living off venture capitol and reliant on debt to make their payroll.
Colorado also has massive unfunded pension liabilities and massive investment losses from their ultra-lavish pension program. Lots of the liberals who run Colorado will have to ask for massive bailouts for the pensioners while the state will have to ignore everything else.
Republican Nebraska and North Dakota both have a big fortune of surplus money to pay for any and all pension issues that occur.
A beautiful mansion of 4,500 square feet on a huge lot in Republican-led Omaha in a very section of the city is less than a 641 square house in a Denver with massive crime and homeless issues with a liberal Democratic mayor and communist on the city council.
It's certainly interesting but they need an average wealth number to see the other side of it. My brother carries over $3M of debt but he also has several times that in assets.
WV is the single biggest recipient of welfare (federal tax money).......how the heck could they have debt when they have no money or net worth?
Less than 1/2 of all adults in WV have a job!
Is this now considered a "good" thing? I'd bet the per capita debt of the Congo is fairly low also.
What size is the economy of those states per capita???
36K WV (and, remember, much of that is fed dollars wefare).
60K CA.
So, would a person who made 60K per year be able to own a more valuable house (have more debt) then someone who made 36K? Of course! The INTEREST on the 32K difference in debt - at 5% per year - is $1600. So the Ca. or CO. person only need to spend about 8% of the difference in their income on interest on the increased debt.
Putting that into terms the OP may be able to understand, that means they are MUCH better off.
WV is the single biggest recipient of welfare (federal tax money).......how the heck could they have debt when they have no money or net worth?
Less than 1/2 of all adults in WV have a job!
Is this now considered a "good" thing? I'd bet the per capita debt of the Congo is fairly low also.
What size is the economy of those states per capita???
36K WV (and, remember, much of that is fed dollars wefare).
60K CA.
So, would a person who made 60K per year be able to own a more valuable house (have more debt) then someone who made 36K? Of course! The INTEREST on the 32K difference in debt - at 5% per year - is $1600. So the Ca. or CO. person only need to spend about 8% of the difference in their income on interest on the increased debt.
Putting that into terms the OP may be able to understand, that means they are MUCH better off.
That Omaha house has a property tax over $5K. Same house here in Colorado is $2K.
Do you have homes in two states?
Property taxes are based on value so it's apples and oranges. The average home in CA is now well over 1/2M, and that would be a bungalow. The same home in TX would be around $150k. Tx would be about 3k year, CA more like 8k a year.
This game is fun. I love numbers.
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