[–] Goathole 0 points 1 point 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.
[–] lettersofmarque 0 points 1 point 1 point (+1|-0) ago
We just take more of your money. Sincerely, the state of Illinois.
[–] grandusalenius ago
In Puerto Rico they created " La junta" ( congress) to deal with something similar.
[–] BlancoCanyon 0 points 1 point 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.