Can’t they just Raise Taxes???
This is when Thousands of Lawyers start brushing up on Chapter 9 of the Bankruptcy Code. Lots of States are poised to go bankrupt and hopefully wipe out their unsustainable PENSIONS!!!
“Can’t they just Raise Taxes???”
Raise taxes or “rendition” some seniors...oh...wait...
The problem is that states themselves cannot declare bankruptcy, just subdivisions thereof. Congress would need to amend the code first.