Like it or not, the U.S. is shackled by California and Illinois. One nation.
At some point the situation in Illinois and California will reach a point of collapse. Will the Fed step in and pick up the pieces? That is to be seen, but I expect that they will.
What about when Obozo is no longer at 1600 Penn. Ave.? Another good question.
Blah, blah, blah. More ignorance.
Illinois and CA each have around a 19% debt to GDP ratio. CA has $377 billion in debt and $2 trillion in GDP. That's right $2 trillion. Even in this economy.
Illinois GDP is $652 billion with $121 billion debt.
Oh yeah, TX debt to GDP ratio is also about 19%. $1.2 trillion GDP with $217 billion debt.
If they were nations, all three would fall around 110th among nations in terms of debt to GDP, just ahead of China.
NY is over 25% debt to GDP ratio as is Taxachusetts putting them around New Zealand at 97th.
The United States, however, is at 36th among all nations with 59% debt to GDP ration according to that list.