It’s a question of when, not if. From Stephen Anderson at mises.org:
Bankruptcy is a developing twenty-first century theme in America. We see bankruptcy in federal government policy and spending, many corporate boardroom decisions, nonprofit and religious groups’ overspending and arrogance, individuals, some United States cities and counties, and the territory of Puerto Rico. The federal bankruptcy law consisting of Chapters 7, 9, 11, and 13 allow bankruptcy filings for local governments, individuals, nonprofit groups, and for-profit businesses, but it does not allow bankruptcy filings for states and the federal government.
A few states are facing the reality of defaulting on their issued bond debt obligation payments and loan payments to lenders. These states are seeing current and future tax revenues decreases, net population losses, fewer private businesses, increased progressive welfare spending, and long-term underfunded public pension systems. US states are not allowed by federal law to print money to finance spending.
States declaring bankruptcy are not without precedent. The Panic of 1837 lead to several states defaulting on canal and railway debt payments in 1841. Passage of the Fourteenth Amendment to the US Constitution under section 4 required some states to declare bankruptcy after the Civil War.
How many states are in the more on welfare EBT than working basket?
Red State is surrounded by CPUSA (D) comrade collectives except to the east that are on that list and when IL/CA/NJ/NY run out of fiat printing press they will cry we’re all in this together and everybody is supposed to help.
The Fundamental Transformation under Chimp I Srubya and Chimpy the Kenyan didn’t fail and the drooling dullard masses want the stepping stone to communism called socialism.
The purpose of socialism is communism.
Vladimir Lenin