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They owe HUGE unfunded liabilities in the form of public employee pensions plus benefits, and they can't print money.
And I agree with the other poster that Illinois will be the first to fail. Each Chicago household owes $126,000 in taxes for unfunded public employee pensions plus benefits.
Why not also ask it Kansas will collapse after raising taxes and suffering from stagnant, if not, declining population?
I forgot about the problems in Kansas after their tax changes which decimated the education system a few years back. Low cost states are not necessarily a solution unless you don't need an education system or a well paying job.
Any minute now. We'll come running to Wisconsin and plead at the feet of Scott Walker, in the hope that he'll guide us to happiness and prosperity the Foxconn way. Altars to Ayn Rand will be erected, and burnt offerings will be offered up daily.
You'll be SO vindicated, OP.
Or not. I'll keep on living my solid middle class life in CA. And if you'll excuse, me, I think it's time for a run on the beach. 66 degrees in that weird system all y'all are using, should be pleasant.
I forgot about the problems in Kansas after their tax changes which decimated the education system a few years back. Low cost states are not necessarily a solution unless you don't need an education system or a well paying job.
So, seniors move out of high-tax blue states to retire in low-tax red states for obvious reasons (cost-saving on a fixed income), and lefties complain that those states take more federal money than they pay in taxes not realizing that's due to the high percentage of age 65+ residents.
something will need to change or they will collapse. No different from cities with alarming high taxes.
Quote:
Originally Posted by hey_guy
NY and CA are losing population and seen as unsustainable to the middle class.and seem to be self sorting into the very rich and very poor, utilizing generous welfare in the states.
Businneses are opting not to be in either state and they still raise taxes for more government actions.
What's the long term outlook here? How can these states continue?
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.
Not true. When I worked for General Electric in Cincinnati, Ohio, there were many transplants from New York, Massachusetts, and Connecticut also working there. Most of them moved to Cincinnati due to the lower cost of living with equal or better wages.
No doubt Florida and Texas love their slave wages...some of the lowest min. wages in the USA and immigrant friendly Ag work policies. Between those two states I think we are talking 4 Million quasi-legal and illegal workers...let alone 10 million low wage Americans.......
Sad.
"some of the lowest min. wages in the USA" AND lower Cost of Living. A dollar goes FURTHER in these places then it does in places like NY and Ca.
" Expatistan Cost of Living Index in North AmericaThe World
The state of NY pretty much has collapsed already. Outside of NYC, businesses have left in droves, forced out by obscene taxes and regulations. People can't afford to live in the state with the highest taxes in the nation, unless they are part of the small percent that works in the metro area in law or finance with outsized salaries. The rest of the state that has to survive by actually producing things can't afford the burden of Albany. Upstate cities are a mass of abandoned warehouses, boarded up main streets and far too often abandoned houses. I left 25 years ago...and was one of the last of the top students from my graduating class to leave.
New York was running TV commercials in other states last year stating any business that moves into New York will have taxes deferred for 10 years.
Many states and/or local governments give mega tax abatements to get new businesses to move into their communities. Most of the time the new jobs don't bring the anticipated inflated revenue into those communities.
Another problem I have seen for years is consultants hired by governments. Anytime any group of employees wants a raise or better benefits the elected call in the financial consultants . The guys always say yes, the growth will allow the whatever increase in benefits. There are times when the growth does not produce what is needed to do the funding. And many times these unfunded liabilities are not in budgets. Cover up? IDK. The elected are gone before their decisions create havoc.
My idea of a fun time is to see the consultants held liable for their rosy predictions. It's a game that should be against the law.
More places than NY and Ca would be on this list if we were aware of the elephant in the room.
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
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New York has lost numerous seats in Congress since 1950.
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