One silver lining of America’s next recession, whenever that occurs - it will probably drive states like Illinois and Connecticut, and cities like Chicago, into bankruptcy.
Watching the leftist nanny-state cronies squirm will be fun to watch.
Unless the state’s constitution prohibits the state from declaring bankruptcy. NYS’s does. And a recent vote to call for a constitutional convention that might have changed that went down in flames thanks, you guessed it, to public employees.
We MUST AT ALL COSTS not allow them to dip their hands into everybody else’s pocket by way of a federal bailout.
Yes, hopefully Trump will have a recession so we do not bail out govt fat cats. Govt politicians will pass bailouts.
“it will probably drive states like Illinois and Connecticut ... into bankruptcy.”
there’s no provision in bankruptcy law for a state to discharge debts via bankruptcy.