You might want to sit down for this one…
Before COVID-19, the Golden State was $275 billion in debt, meaning taxpayers would have to pay up $21,100 in taxes in order to get rid of it. And the numbers are just getting worse and worse and worse.
4.3 million residents have reported having a hard time paying for household expenses. Also because of the pandemic, as many as 65,878 households have reported food insufficiency, meaning they often don’t have enough to eat.
In Kentucky, 8,810 households are behind on mortgage payments while 137,255 people are behind on rent payments. That’s sadly unsurprising given that 11,869 residents have lost their jobs since COVID-19 really hit the U.S. on March 13. Even today, 8,964 people think they’re very likely to lose their jobs in the near future.
That’s on top of the Bluegrass State’s debt prior to 2020, which reached a whopping $32.7 billion. At this rate, each resident would have to pay $24,000 in taxes in order to pay it off.