Everyone knows the Feds are going to print the money and cut a check to every state that cant ballence their budget. The only loosers are the folks in states with balanced budgets.
“The only loosers are the folks in states with balanced budgets.”
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I don’t think so.
Writing this from the Peoples Republic of California, I have to say there’s a real palpable sense of foreboding here. Fed bailouts won’t change the fact that the state is irretrievably broken.
Sure massive infusions of cash (might) delay the implosion by a year or two much as another hit might delay a heroin addict from coming apart in the throes of withdrawal - but California is really and truly, broken. The state government simply cannot stop spending.
It can’t. It’s sold, and purchased by those - who benefit from the spending. There is no mechanism available, which can now save the state.
State spending is massive. Tax receipts are shrinking and future tax receipts will shrink further, as productive Californians flee to more responsible states.
Seriously. CA is screwed. Imho. Social anarchy at some point.