State Debt Meltdown Race

Today is election day and I needed to take a break and decided to watch CNBC videos on government debt.  Found a fantastic run down on an argument for U.S. state debt defaults (Why 27 States Are Going Broke).   The fact that the huge Covid stimulus has run out and most states didn't need it that much and spent the money or lowered taxes.  They are now addicted to Federal stimulus that is now gone.

While I have been saying for some time that a debt meltown  in the U.S. will come all of a sudden but it probably still a decade away.  A default by a deeply indebted state might precipitate an earlier crisis.