04-18-2020, 07:14 AM
terracore - Is this Hawaii's future? "Illinois Seeks a Bailout From Congress for Pensions and Cities"
Only the Feds can create money from nothing so they have to decide when, or if, to step in to help the states. Taxpayers aren't really going to ever pay off any of this (anymore than the boomers payed off the national debts of the Great Depression or WW2, or their parents paid the debts of WW1 and the Spanish War, or their parents the debts of the Civil War, etc all the way back to 1835).
Or states could be added to the type of municipalities allowed to declare bankruptcy and restructure their debt. If it can be done for major cities, why not states?
Various ways to adjust the made-up economic frameworks to handle the situation, but believing that Hawaii can just will tourism back into existence is just playing make believe.
Only the Feds can create money from nothing so they have to decide when, or if, to step in to help the states. Taxpayers aren't really going to ever pay off any of this (anymore than the boomers payed off the national debts of the Great Depression or WW2, or their parents paid the debts of WW1 and the Spanish War, or their parents the debts of the Civil War, etc all the way back to 1835).
Or states could be added to the type of municipalities allowed to declare bankruptcy and restructure their debt. If it can be done for major cities, why not states?
Various ways to adjust the made-up economic frameworks to handle the situation, but believing that Hawaii can just will tourism back into existence is just playing make believe.