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If the Democrats win the midterms and you end up with a Democrat in the White House in 2028, I think that there's a
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bigger problem at foot, which is all of the state and local obligations. We've
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talked about Social Security looks like it's going to run out of money in a few
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years here. And there's a similar problem at the state and local level. you'll very likely see a federalization
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of that obligation, meaning that the federal government will step in to bail out or support those state and local
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governments because otherwise there's going to be a real kind of economic crisis a foot. So when you add that
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liability coming to hit this CBO report, which doesn't include any of that in the
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next 5 to 10 years, I think that could be not just the straw that they breaks the camel's back, but the concrete that
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breaks the camel's back. And that's the thing I'm most worried about. There is a
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deep connection between what's going on with the socialist movements at a city
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level and now increasingly at a state level and what we should expect to happen with the US dollar and how it
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relates to federal spending and federal deficits and federal debt. And these are
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going to be dragging each other into a bad place in the next couple of years one way or the other. If it's very hard
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to cut spending or get Congress to approve budget cuts that we need to save ourselves from this debt death spiral,
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imagine how much worse it's going to be in the next couple of years if we have
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to bail out or federalize state and local uh debt and state and local pension obligations. It's going to be
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really nasty. If we can find a way to declare bankruptcy to restructure the the fiscal obligations or the the
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pension obligations that sit at the state and local level, we may have a way out. But short of that, uh that's going
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to pile onto this uh this federal