Thinker101
Diamond Member
- Mar 25, 2017
- 24,392
- 14,345
- 1,415
True but available funds to keep even vital services going is going down at a compound interest rate with IL is the worst case but CA is not far behind. One or both will be under consent decrees with teeth this time next year.It won't happen until after 2020, but Texas is expected to pick up I think 3 or 4 House seats from rustbelt states, so it will come down to how Texas redraws their districts.
States cannot declare Chapter 9 bankruptcy. Local governments can but not states themselves.
Never say never, get enough attorneys in the same room and they'll find a way.
Bankrupt States Could Trim Pensions
States cannot declare bankruptcy. Bankruptcy is a legal process to restructure or pay liabilities. They can default, ie not pay their liabilities, but they cannot declare bankruptcy.
Six of one, half dozen of the other.