I know it's a strange question, a question I haven't actually seen seriously mooted about, because it's so politically incorrect that neither Governor Jack Markell nor any of our legislators are talking about it.
But what if we just borrowed the money and ran a deficit for a couple years, as the Keynesians assure us is the proper course on the national level?
Delaware supposedly has a great credit rating (thanks, one would presume, to the yeoman efforts of our former State Treasurer); I bet even today we could find investors willing to take a chance on America's Switzerland.
Of course, somebody would sue us immediately, but that's we have all those highly paid merit-exempt attorneys on retainer, right? They could keep this bottled up in court for years.
When we finally lost the case, what could the judge order? A repudiation of the State debt? An immediate draconian tax increase to pay off the State debt in a single year? Closing down Delaware's schools and forced busing into Maryland and Pennsylvania?
No, we'd probably just work out a State bankruptcy deal that gives 55% ownership of the State to its own employees' unions (Tommywonk calls this stakeholder capitalism) and then stiff our other creditors for thirty cents on the dollar.
After all, there's no reason that the Federal government should get to have all the fun breaking the rules of our financial system.
Just wondering....
But what if we just borrowed the money and ran a deficit for a couple years, as the Keynesians assure us is the proper course on the national level?
Delaware supposedly has a great credit rating (thanks, one would presume, to the yeoman efforts of our former State Treasurer); I bet even today we could find investors willing to take a chance on America's Switzerland.
Of course, somebody would sue us immediately, but that's we have all those highly paid merit-exempt attorneys on retainer, right? They could keep this bottled up in court for years.
When we finally lost the case, what could the judge order? A repudiation of the State debt? An immediate draconian tax increase to pay off the State debt in a single year? Closing down Delaware's schools and forced busing into Maryland and Pennsylvania?
No, we'd probably just work out a State bankruptcy deal that gives 55% ownership of the State to its own employees' unions (Tommywonk calls this stakeholder capitalism) and then stiff our other creditors for thirty cents on the dollar.
After all, there's no reason that the Federal government should get to have all the fun breaking the rules of our financial system.
Just wondering....
Comments
Too late now
Wish I thought of it first.
lol.