Hmmm, If we have a lost Decade I would bet that California and several other states (including TX) will have declared BK before we get through it.
LA Budget will have been toast for several years, CalPERS will be demanding 50% or more of Tax revenues .
I guess damn if you do damned if you don’t, me I think they will have inflation while somehow only the Fed will buy the paper at the higher interest. Then the fed can pay the treasury (or just forgo interest payments), anyway that’s the way I see it going down.
