Ever hear of bankruptcy?
It certainly USED to be a principle of our form of government that future legislatures could not be bound by their predecessors. Every legislature has to authorize payments from the treasury for them to happen. I suggest they stop authorizing those payments. I would hope the governor would lead them in that direction.
ML/NJ
Well, we certainly are headed in that direction.
But that’s bad news. Bankruptcy means repudiating debts. Even coming CLOSE to that means lowering the bond ratings whcih translates into lower interest rates on state bonds and higher taxes.