So, I’ve spent a fair amount of time studying the impacts of running up a huge federal deficit from a macro-economic perspective, but I have not resolved those issues to the impact on individual states, or how it relates to state level fiscal policy.
Do you have some links/references for me to dig in? (As relate to the US.)
I came slowly to an Austrian view of economics, but now my perspective is firmly in that camp
One of my favorite economics books is by a German economist, Jorg Guido Hulsmann
https://www.amazon.com/Ethics-Money-Production-LvMI-ebook/dp/B003NX6Z3W
He delves into the social consequences of fiat “money production.” The consequences of printed money, QE, zero interest rates, etc... are not symmetric. California, by dint of its productivity, past success, and natural endowments, is a greater recipient of cheap money, whether through its large population, or money showering down on tech and real estate over the past 2-3 decades. That has allowed the State to build a huge, monopolistic progressive-left governing apparatus. I’m also working on something in which I hope to demonstrate that once the underpinnings of cheap money are removed, California is in for a world of hurt on its budget, and debt.