by Simon Black
Just days ago, in the midst of the Puerto Rico debt morass, 24 members of Congress introduced the “No Bailouts for State, Territory, and Local Governments Act.”
The title pretty much sums it up.
Congress knows there’s a massive wave of defaults looming at the city and state level.
Detroit and Puerto Rico are just the tip of the iceberg.
Aside from a few top performers like Alaska, South Dakota, and Wyoming (which, ironically, have no state income tax), many US states have atrocious finances.