Monday, June 26, 2017

Slow motion train wreck

First Puerto Rico goes BK and now the focus shifts to the Virgin Island, another US territory that has been visibly living beyond its means with just 100k residents owing 6.5 billion in unpayable debt.  That's $65,000 for every man woman and child.  No matter if working or not.  Let's say 30% of the population consists of children, invalids, old people and disabled.  That makes the debt more like 100k per person who actually has a jobs and supports themselves.  Now out of that self supporting group, how many just scrape by with no discernible disposable income after paying for food, shelter, and other basic costs of living each month?  I would say at least half if not more.  Those who cannot pay will not pay.  So that leaves the remaining half with double the bill or $200k per person.  That's the kind of money that makes it worthwhile to just throw in the towel.

I hope you are seeing that Puerto Rico and the Virgin Islands and the state of Illinois are just the tip of the ice berg.  This shit show is going to unravel right before our very eyes. 

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