When States Go Bust

James Pethokoukis, Weekly Standard
It’s a solution of apparent Alexandrian elegance and simplicity: Empower America’s cash-strapped states to slice cleanly through a strangling knot of debilitating debt and government union cronyism by letting them file for bankruptcy. Long-term liabilities could be restructured, unaffordable labor contracts rewritten, fiscal health restored. No federal bailouts necessary.This intriguing idea quickened last November when former House speaker Newt Gingrich gave it an animating shoutout during a speech at a Dallas think tank.

Source: http://www.realclearpolitics.com/2011/02/08/when_states_go_bust_250103.html

MIKE MURPHY MARC THIESSEN R. EMMETT TYRRELL LIZ CHENEY