william the wie
Gold Member
- Nov 18, 2009
- 16,667
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CA, IL, MA, NJ and NY make pretty much everybody's list of the walking dead. They do so because their tax base is effectively a Ponzi scheme. In the case of CA and IL defaults on unbonded debts combined with net outmigration of citizens and illegal aliens taking up the slack while amplifying the crimerate is a major challenge. (IOUs and not having vendor credit is a default.) CA is currently burning because the dedicated fire prevention funds were spent on more politically important activities. Insurance money will be diverted in ever higher percentages to out migration from the big five until either CA or IL go into default on bonded debt and they end up in chapter three. At that point it will get ugly and perp walks for the politicians will follow. SALT will speed things up only slightly, if it does make it to the president's desk but it will be the same 5-15 blue states that will fall like dominoes.