With Halloween right around the corner, I thought I’d share this true life horror story.
The City of El Paso’s debt structure is predicated on an ever-expanding tax base. As our debt increases over time, it’s expected that our population and tax revenues will expand to cover it.
Well, guess what? It ain’t happening.
Our pension fund will probably bite us first. After that, it won’t matter what we do. Our entire debt structure will fall like a house of cards, or dominoes, or that drunk guy that keeps trying to get back into the bar.
Probably that drunk guy is the best metaphor, because he keeps trying to get back up.
Bankruptcy, my friends, is inevitable.
The revisionists will blame the pension funds, but you and I will know that it was an ambitious City regime that adopted a suicidal capital infrastructure expansion plan and the successive regimes that stayed the course.
Maybe Amazon will save us. (Ha!) Or that arena. (Haha!)
No, the truth is that the only way to save us is by increasing our collective productivity, now, but our ruling class is not interested in that, because increasing our collective productivity doesn’t feature luxury skyboxes or transferring money from our pockets to their bank accounts.
The canary’s dead, and we’re still in the coal mine.