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.

Transcripts

  • 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...
English transcript submitted by The Liberteer on

1 Comment

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