Annie Lowrey

Right.

And so, no, neither party wants to be the one who's left holding the bag on this.

And like at some point, I think that we're going to face some kind of issue here.

Absolutely.

But the U.S.

population is aging, right?

And especially since we have taken a turn against immigration, so we're not welcoming in new, younger people, you're going to have fewer workers relative to people not working in the economy.

And spending will go up because people will need Medicare.

They'll need Social Security.

They'll need long-term care.

And at that point, you could be, you know, kind of forced by the bond market to

Right, right.

Yes.

Oh, certainly.

And the place where I start to get really, really worried is at the state and local level where states and cities and towns largely need to balance their budgets, right?

Yeah, by law.

And so for them, if they're starting to say, hey, we're not going to ever raise taxes on anybody, and also we're going to exempt people making overtime, people with tipped income, retirees who own their homes from property taxes.

For states and cities, there's this real question of like, okay, well, where's the money going to come from?

Thanks for having me.

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