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

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

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[–] grandusalenius ago 

In Puerto Rico they created " La junta" ( congress) to deal with something similar.

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[–] Cheesebooger ago 

The hand rubbing intensifies and more debt is created