Sadly, I have to agree. :-( It’s going to take the entire state of Illinois declaring bankruptcy under Chapter 9 rules to finally clean up the mess in Cook County—a bankruptcy that could drive the US economy into a potentially serious recession until the reorganization is complete.
Chapter 9 is only for cities, counties and similar sub-divisions. There is no mechanism in the bankruptcy law for a state.
I’m confident, however, that the ultimate game plan is for the deeply indebted states such as IL, CA, NY, to push their liabilities off on the rest of the country via a Federal Government bailout. Grossly unfair to those states that run prudent finances, but he who has the most votes wins.