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[–] lettersofmarque 0 points 1 point (+1|-0) ago 

We just take more of your money. Sincerely, the state of Illinois.

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[–] BlancoCanyon 0 points 1 point (+1|-0) ago 

A state hasn't gone bankrupt yet, but cities have. Similar results, I'd assume.

https://en.wikipedia.org/wiki/Detroit_bankruptcy

Creditors will be paid pennies on the dollar.

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[–] Goathole 0 points 1 point (+1|-0) ago 

They raise taxes in the form of bonds and then continue on their destructive path of spend and waste.

A few surgically exercised executions of state and government officials would fix this problem. It's amazing how people manage to do the right and honest thing when there are consequences.

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[–] Cadster 0 points 1 point (+1|-0) ago  (edited ago)

nope.

they will just issue bonds for some big bank to gobble up at around 20 cent on the dollar. the bank then later writes off at 100% (dollar for dollar)

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[–] BTCKek__cheef_jnkbx 0 points 1 point (+1|-0) ago 

tthey are waiting for you in the elevator