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As I understand it, there is no legal provision for states to declare bankruptcy. So at some point, these states will have to do one or more of these things;
Cut expenses
Increase taxes
Stop paying creditors
Reduce employee pensions
Or, they can get Congress to pass a law allowing states to declare bankruptcy just like municipalities have done under Chapter 9.
In any event, millions of people will get screwed due to years of inept leadership in these states just like in Puerto Rico.
As I understand it, there is no legal provision for states to declare bankruptcy. So at some point, these states will have to do one or more of these things;
Cut expenses
Increase taxes
Stop paying creditors
Reduce employee pensions
Or, they can get Congress to pass a law allowing states to declare bankruptcy just like municipalities have done under Chapter 9.
In any event, millions of people will get screwed due to years of inept leadership in these states just like in Puerto Rico.
What will happen when the Nation goes belly up, I think I know.............Prepare for it.
California has the 6th largest economy IN THE WORLD! I'm sure they will figure it out. Maybe they will secede from the union so they won't be dragged down by the Pubs.
Illinois was hurting but went further downhill after a guy who made millions scamming health care was elected governor. He's been doing the same strip mining of the state economy we have been seeing at the federal level for the past 7 years. Not a lot of hope there.
California has the 6th largest economy IN THE WORLD! I'm sure they will figure it out. Maybe they will secede from the union so they won't be dragged down by the Pubs.
Illinois was hurting but went further downhill after a guy who made millions scamming health care was elected governor. He's been doing the same strip mining of the state economy we have been seeing at the federal level for the past 7 years. Not a lot of hope there.
Uh; Calif WON'T be allowed to break away and, IF by some crazy chance that state left the union, it'd pretty much LA county and the SF bay area since MOST of that state's still the US. Especially east of the I 5.
If California goes bankrupt, this entire nation is in trouble. You shouldn't be hoping for this simply because you don't like Democrats.
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