These failed Blue states conspired to steal the elections of 2020 and 2022 in order to force productive Red states to bail them out.
They've been warned for decades that it was coming and instead of fixing their problems, they decided to go for broke and force others to bail them out.
California, New York, or Illinois, which will go first?
States who did not pay Cadillac wages and give platinum retirements will pay to bail out states that did.
I hear some say this could never happen. They are not paying attention. Yes, the “student loan forgiveness” is currently tied up by the courts, but the intent is there.
We bailed out the big banks when the housing bubble crashed. Those banks still had massive assets and wealth, but the taxpayers took the loss - not those who made the loans. In fact, our “leaders” preceded to give them interest free money for over a decade pumping up the market and wages. Our leaders also liquidated other institutions at pennies on the dollar for their donors - the big banks.
When you compare the pension liabilities to our unfunded liabilities as a nation it is peanuts. I expect the state pension systems to fold first, but it will only be a small glimpse of what lies on the horizon. Government has made all kind of promises at every level that they cannot keep. The end is inevitable.
Red states that lived within their means will be pissed just like those who were/are pissed about the student loan forgiveness plan only a few months ago, but they don’t have the delegations (power) that CA, NY, and IL have in the congress.
Since 1992 (when actual proposals to save Social Security were being nixxed by AARP) I’ve been saying it: “When the takers outnumber the givers, the system will collapse; and it will begin in California.”