State governments are starting to go bankrupt. California and New York will be the first. They have the largest public payrolls, full of people who receive inflated salary, benefit and pension packages, often for doing almost nothing. They have tax revenues that are shrinking the most because of decreasing property values, personal and business income and consumer sales. There are many States that are not far behind. Few States will not fall. North Dakota may remain solvent.
Who will bail them out?
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