Here is an excellent WSJ article on California’s financial woes.
We need to establish a bankruptcy process for the states immediately (there is no provision today). This needs to be done in Washington and it needs to be done well. California as well as other states are incapable of cleaning up their own problems and the longer we wait the more trillions it will cost.
But public sector unions are too powerful in Washington today. So what are we to do?
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