States can't declare bankruptcy, but California was insolvent a bit over a decade ago.
I still have an "IOU" from those years sent by the state instead of the money I was owed due to overpaying state taxes. The state was essentially bankrupt for a signification time, even though no proceedings took place.
> States can't declare bankruptcy, but California was insolvent a bit over a decade ago.
California had a cash flow crisis in 2009.
> The state was essentially bankrupt for a signification time, even though no proceedings took place.
Not really. It was unable to make payments because of the political inability (due to supermajority requirements in the legislature—one of the key ones of which has since been removed—legislative/executive disunity, reliance on voter approval for certain actions which failed, etc.) to decide how to change operations to do so, not because of lack of resources.
throwaway09223|3 years ago
I still have an "IOU" from those years sent by the state instead of the money I was owed due to overpaying state taxes. The state was essentially bankrupt for a signification time, even though no proceedings took place.
dragonwriter|3 years ago
California had a cash flow crisis in 2009.
> The state was essentially bankrupt for a signification time, even though no proceedings took place.
Not really. It was unable to make payments because of the political inability (due to supermajority requirements in the legislature—one of the key ones of which has since been removed—legislative/executive disunity, reliance on voter approval for certain actions which failed, etc.) to decide how to change operations to do so, not because of lack of resources.
unknown|3 years ago
[deleted]
Thorrez|3 years ago