Nobody Bankrupts Bigger
Stockton, CA is set to declare bankruptcy, it has over $700 million in debt. And a population of roughly 300,000. Wow, talk about entitlements out of control. You can read more on Stockton’s pending bankruptcy crisis and how they got into the fiscal hole here.
- President Obama: Holy crap, Ben! Did you see that Stockton, CA is about to file for bankruptcy with $700 million in debt?!
- Ben Bernanke: Yes, Mr. President. And with a population of 300,000 they can't sustain a tax rate high enough to pay it off. But don't worry. WE didn't have anything to do with that one.
- President Obama: And how much is the National Debt? Per person?
- Ben Bernanke:Let's see, at just over $15.7 trillion with a population of 313 million that would put the national debt per person at around $50,435. But we can easily sustain that with taxes.
- President Obama: Exactly, if a city can spend to an unsustainable level, then I'm not about to let them out spend me! Get on it, Ben!
- Ben Bernanke: You want me to spend until we're at unsustainable levels, Mr. President?
- President Obama: I expect to be bankrupt by the end of the month...