except that counties and cities (as political creatures of their states) should ALSO not be permitted to run into federal bankruptcy court, I agree with the thrust of this editorial
we have had some great FR discussion of this question already so I will leave it to the pro side to post their arguments.
(I will only observe that giving states an escape route out of paying their financial obligations would only encourage corrupt state politicians to run up more and more debts, which is exactly the wrong thing for us to “incentivize” if we ever hope for responsible (and non-corrupt) state administrations
I like the idea posted here on FR of allowing these states to file for bankruptcy ... and then losing their statehood as part of the process. They would revert to territorial status and would have to start all over again.