States filing for bankruptcy?

Posted on January 21, 2011. Filed under: Uncategorized |

It was only a matter of time, I suppose, in light of the situations that just keep getting worse and worse. You can’t read a paper or open up a news website without seeing at least one headline bemoaning the “state of the state(s).”

There’s no denying it – we are in bad shape. We’ll see Governor Malloy’s plan in just a few weeks, and everybody recognizes that his actions, and the actions of governors across the country, are critical now. It’s sink or swim, huh?

Okay, so we’re in bad shape. But what do we do when the hole is just too deep to crawl out of? It happened to the banks, with their bailout. It happened to the automakers.

But should states be able to file for bankruptcy? Is that actually the only option left for some states?

Massachusetts Governor Deval Patrick has already gone on the record that Massachusetts “doesn’t need” bankruptcy and he hasn’t even considered it. I wonder if the states at the bottom of the barrel would be that emphatic, though.

Should it be an option for states to file?



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