I do not think the Feds will let this State go bankrupt, but once they run out of money, since unlike the Feds. Cali does not print its own money, then the fun will start. When Cali starts issuing I.O.U.s and people start rioting because they are not getting their entitlements, the Feds will step in, then it will really unravel. Wait for the fireworks.
BTW Econ. Pro, if you were going to move where would you go? I ask because even though some of the other States do not have income tax or it is far lower, many of them do not have Prop. 13 so you could potentially get tax increases every year as a home owner, so all things considered what is the most middle class tax payer friendly State in your estimation? I will hang up now and take the answer off the air. Thanks.