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States can't run a deficit. Money in can never be greater than money out.
States can't run a deficit. Money in can never be greater than money out.
I don't think I'm being as clear as I should be. I'll see if I can rephrase it tomorrow. Trying to think economics at this time of night often proves hazardous for me. :)
That ignores unfunded liabilities. A state can easily under fund a pension system.