“A state bankruptcy process would thus enable a Republican Party based in the poorer states to use its federal ascendancy to impose its priorities upon the budgets of the richer states.”https://twitter.com/TheAtlantic/status/1254025955435253761 …
we should absolutely have to deal with our own pension crisis. the rest of the country should not be paying for benefits to california state employees that the rest of the country does not itself have. bad policy has consequences, and we need to learn that lesson.
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If it’s as unsustainable as you think it is, the lesson will be learned soon enough anyway
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i don’t think there’s a question it’s unsustainable. there’s only the question of what we do once all these people start retiring and the state can’t keep the dishonest promise that it made to them. tax apocalypse, i guess, and then watch how fast industry exits.
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Following this logic, we shouldn’t have federal budgetary transfers at all, with states like California cross-subsidizing others (Kentucky should have declared bankruptcy ages ago). And we should definitely not be subsidizing corporations.
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