Dead State Walking

So Reuters reports that Jefferson County Alabama has filed for backruptcy becase of an usupportable $5,000,000,000 debt.  With 660,000 people in the county that’s about $7500 in debt per person.

Rhode Island has somewhere in the vicintiy of $30,000,000,000 in debt when you include the (true) penson liability ($18B) , the infrastructure debt ($9B), the ‘OPEB’ liablities ($??B), and whatever else we’ve yet to identify.  That’s probably well north of $30,000 of debt per person.

If we have four times the per capita debt load and they’re bankrupt, what does that make us?

 

 

 

 

 

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