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The US national debt is at about 70k per capita. And the total is growing at a 1 trillion + rate due to the irresponsible "tax cuts". That's happening in a "good economy". Questions?
That has nothing to do with Illinois being a single STATE with its residents owing MORE in unfunded pension and benefits obligations than the per capita national debt amount. And STATES can't print money.
If you have a problem with the national debt, blame Obama. He was an utter disaster. Added more debt than all the previous presidents combined.
Debt has the potential to bring down the whole system. My guess is that they will devalue the dollar.
The Federal Reserve already devalued the dollar when they created $2 trillion in QE out of thin air to buy Fannie and Freddie MBS after the 2008 household credit melt-down (which is what it actually was, the household debt bubble popped). $1.45 trillion worth is still on the Federal Reserve's H.4.1.
Those F&F MBS will just roll off the Federal Reserve's H.4.1 as they mature, paid or not. We'll never know because the Federal Reserve doesn't have to recognize or state losses. They just reduce/erase the line item on their H.4.1.
And that all happens WHY? Because that $2 trillion artificially created by the Federal Reserve to buy F&F MBS was created with just key strokes and can be erased/deleted just the same without anyone losing any money. The only negative result is that the QE used to buy the F&F MBS that contain mortgages that default and are never paid off can never be reined back in, so it devalues the US Dollar by that amount.
Oh, and just for grins... Tens of thousands of mortgage borrowers, if not more, will get their homes for free as this all continues to play out and their mortgage debt just rolls off the Federal Reserve's H.4.1, unpaid...
NY and CA are doing just fine, at least for anyone who bought a house there 30 years ago. The main problem with NY and CA is the cost of housing, not taxes.
"is the cost of housing, not taxes." which INCLUDES the extremely HIGH property taxes.
And yet people can afford to live there comfortably, otherwise there’d be a mass exodus. The salaries are obviously high enough to support the high COL including the high taxes.
It’s probably cheap to live in Mississippi, but the main employer is probably Wal-Mart.
" otherwise there’d be a mass exodus."
You need to keep up. NY LOST a seat on the U.S. Congress because people ARE moving out.
People ARE moving out of Ca.and NY These are the top 10 states people are moving out ofAshley Collmanay 28, 2019, 9:38 AM
"Shayanne Gal/Business Insider
Census data for 2016 and 2017 shows which state
New York, Illinois, and California are seeing the most residents pack up and leave for other states.
Among the issues are high taxes, real estate prices, and the cost of living. "
New York, Chicago, and Los Angeles are the largest cities in the country, but their respective states are actually seeing the most people packing up and leaving. "
Yep. Take Texas for example. They don't have an state income tax, but in many places their property tax rates are high. And because it's a lot hotter in the summertime than where I live (the SF Bay Area) - my utility bills are going to be pretty high. My property tax in CA is capped by Prop 13 so the rate I'm paying is fairly low considering the value of the property.
It can be less costly to live, say, in Dallas or Houston compared with San Jose but it won't be as cheap as you think - depending on the situation.
Texas may not have a state income tax, but some city sales taxes are high. We pay 8.5%. And our property taxes are nearly 3-3.5% of adjusted assessed value. I'm told we also have high insurance rates on real estate and autos. Add in some fees and although buying a house built by illegal's may be cheaper than other areas, some cost are higher.
Don't get me started on transportation in Dallas and Houston. What one saves on housing is spent on transportation.
DD has a condo in Manhattan. It is valued a lot more than my Houston house. Her taxes and insurance are 1/2 of what we pay.
Hefty marijuana taxes that can approach 50% in some communities have been blamed for pushing shoppers into California’s illegal market, which is thriving. Industry analysts estimate that $3 is spent in the illegal market for every $1 in the legal one.
The California Cannabis Industry Assn. said in a statement that its members are “stunned and outraged.”
The group said the higher taxes that will take effect Jan. 1 will make it even worse for a legal industry struggling under heavy regulation and fees, local bans on pot sales and growing, and a booming underground marketplace.
That's the point! All of these low cost of living places have jobs with salaries that are much lower, too. For retirees like me, moving to a lower-cost area makes a lot of sense. I don't need a job. But unless you make a killing selling your home and you've paid off a lot of its mortgage, moving to a lower cost area with lower paying salaries may end up being a "financial wash" if you're still working.
Except so many people can work from home now that it isn't like it used to be where you are tied to a certain location.
The stuff happening in San Francisco is all by designed.
In the past, when rich people wanted a piece of land or a community, they would organize gangs to go and terrorize the residents into selling their businesses and homes at a fraction of what it was once worth. And then here comes the rich people and buys everything at value, then they bull doze the homes and businesses and put up hotels and golf courses.
Today, the rich can now just pay the politicians to make laws and policies that allow homeless to gather in the cities, poop everywhere and chase away the tourists, and then eventually the businesses and homeowners end up selling and moving out, and the rich get to take over.
People will run out of places to escape as Libs continue their infestation of the remaining desirable cities in this country.
Once there’s no place left to go except desolate areas with terrible climates, these migrations will subside and most people will have no choice but to live with the consequences of liberal policy.
CA will at least still have nice weather.
Many libs DENY history.
The North East at one time was the textile, clothing, shoe, etc, center of the U.S.
There are STILL empty "factory buildings up there from when the industries moved out.
The "Rust belt" EARNED its name when many industries moved out.
Detroit is no longer the "car capitol" of the U.S. as cars are being assembled in other parts of the country and the big 3 all over the world.
Yes, people DO like living where there is better weather like Alabama, Kentucky, South Carolina, Texas, Missouri, Kansas, Tennessee, etc.
Hollywood is waning as many TV and movies are no longer filmed there.
Technology today allows MANY people to work anywhere they want and is growing and are not tied to a particular city.
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What one saves on housing is spent on transportation.
