[who_would_fardels_bear]

"One last good vestige of our federal system — the states and localities are on their own with their debt."

If only that were true.

The only level of government that can run deficits until the apocalypse is the federal. Because they can loan and grant money to states and localities (with all of the leftist strings attached) they can keep their favored states and localities afloat until the apocalypse as well.

In the end we get a centralized tyranny because most of the monies ... and marching orders ... are coming from the fed.

[MUDDOG]

True. Wouldn’t surprise me to see Janet Yellen bail them out on her own.