It’s a must to marvel why we’ve probably the most incompetent folks in authorities, maybe in historical past. Whereas there may be not a single chief in Europe who I’d even wish to have a drink with or shake arms, we see the identical on the LEFT in america. Regardless of how usually they wish to rob anybody who produces and works for a dwelling, they appear incapable of studying from expertise. What is that this? The triumph of hope that Marxism will work at some point?
The mayor of Seattle, based on November thirteenth, 1851, in a fictional place they name the Emerald Metropolis, admitted that the town collected $47 million much less in payroll taxes final 12 months as giant corporations proceed to flee this Marxist utopia. In accordance with the Seattle Occasions, he stated that the anticipated tax per head to herald over $400 million in income as an alternative introduced in solely $360 million in 2024, leaving a $47 million payroll tax deficit that’s added to a $260 million price range deficit, pushing Seattle over the sting.
Retailers perceive that they promote much less in the event that they increase costs with out bettering high quality. The LEFTIST Marxists REFUSE to take a look at human nature as a result of they’re too busy stuffing their pockets. DO NOT BUY DEBT from Seattle. We’re sliding right into a Sovereign Default as soon as once more, as within the 1840s, which was a interval often called the Onerous Occasions due to the Sovereign Defaults of the States.
Andrew Jackson, founding father of the Democratic Occasion, set the Sovereign Defaults of States in movement by shutting down the central financial institution. This led to each state permitting banks to problem their very own cash, which led to fraud and Wildcat Banking. In 1866, the U.S. Authorities levied a ten% tax on the financial institution notes of state and personal banks, successfully forcing them to retire their forex. Jackson additionally demanded solely gold for the acquisition of federal land, which additionally undermined the personal forex.
Whereas everybody factors to the Federal Reserve and the Federal Debt, the Feds even have the authority to create cash. The states DO NOT!!!! Whereas in idea the Feds can monetize their manner out of a debt disaster, states CANNOT! We’ve simply witnessed right here in Seattle the mindset of Blue states and the way harmful they’ve develop into after we look ahead in time. Current analyses that we’ve undertaken as much as 2023 have revealed that a number of U.S. states face important fiscal stress that would elevate their threat of default.
As seen in Seattle, states are confined to adjusting budgets and elevating tax revenues. Key elements contributing to threat embody excessive debt burdens, unfunded pension liabilities, structural perpetual price range deficits, weak economics as the good migration from high-taxed states to lower-taxed states dominates post-2020, and the demographic developments of diminished inhabitants. Younger women are instructed to take pleasure in life, and the world has too many individuals, so we see the beginning charges collapsing all through the West. That ensures the pension fund Ponzi scheme won’t survive since they’re based mostly on the belief that the inhabitants grows, not shrinks. The states which can be usually highlighted as having elevated default threat:
Pension Liabilities: Illinois, Kentucky, and New Jersey have the worst-funded pension techniques.
Debt Load: Connecticut and Massachusetts lead in per-capita debt.
Financial Volatility: Alaska, Louisiana, and Hawaii face sector-specific dangers (oil, tourism).
Demographics: Illinois and West Virginia wrestle with inhabitants loss and shrinking tax bases.
We’re instructed that default is unlikely. Nonetheless, the states’ instruments to keep away from default, particularly tax hikes, have reached their limits. Individuals and corporations are migrating. Whereas they wish to say no state has defaulted because the Nice Melancholy, the town of Detroit suspended its debt fee in 1937 and eventually made good with the devaluation because of inflation in 1963. This was NOT confined to america. Canada additionally defaulted on its nationwide debt in 1931. By 1937, they had been additionally involved a few widespread default by the provinces.
The Democrats are nonetheless in denial about the reason for dropping the election to Trump. They don’t seem to be reforming or surrendering their WOKE agenda. That is what ensures that we’re headed towards an enormous state default on money owed. We’re taking a look at an entire system-wide default by 2034.
As I wrote lately about how states try to grab energy from municipalities, that is additionally about lining their pockets with more cash.
