Thats the facts. Unions bought politicians who bought votes by a Giant Ponzi scheme. If they had not “borrowed” from the Pension funds for various social schemes there would not be a problem. Now its a scramble to find excuses for the embezzlement. But at this point the Titanic is half underwater, playing music on the decks is just background noise.
If the Feds bail them out, does anybody really think they will stop stealing the money?
That certainly concerns me. If these spendthrift states get a bailout, what incentive is there to ever manage their money properly?