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Can the federal government put a state in full receivership?

It's a bit of a curse that my brain can't stop calculating knock-on effects once it starts going something, and i'm trying to war game something out to the conclusion.

BTW I know @realDonaldTrump has this calculated-
the the nth degree, but let's try to figure this out together.

California & New York are already insolvent in terms of financial books. CalPERS (California Pensions) is billions underfunded, their former Chief Investment Officer (CIO) was discovered to be member of China's -
"Thousand Talents Program" investing heavily in Chinese front companies, the "bullet train to nowhere" is billions upon billions over budget (yet still in the works, despite being way over schedule, way over budget & not actually a bullet train - I'm sure that has nothing to do-
with Barbara Boxer's hubby having a financial interest in the project), Gavin just tried to blow $1 billion on masks from a Chinese auto manufacturer, despite many masks arriving in the US & EU from China being as faulty as they could be), and California is so dug in on uber-
leftist ideology that they know they'll have an electoral bloodbath if they back off even a tiny bit from their ridiculous spending on entitlements.

I don't know much about New York, but I know that the budget this year was billions in the hole for Medicare - and funny enough -
that was discovered publicly right about the same time WuFlu started to spread. I'm sure that has nothing to do with why doctors there were pressured to label deaths as COVID even though they were obviously not COVID deaths (trauma, people already in multi-system failure, etc)...
And now we're in a standoff. Gavin Newsom (Nancy Pelosi's nephew, although he wants you to forget that) is leading the Western states who have formed a pact & are trying to hold their states hostage (closed) unless @POTUS and the fed pay up $1 trillion to their states alone...
they'd like us to believe it's to pay for COVID-related costs, but anyone who's been paying attention & has a working brain know every penny of that money will be to dig them out of the massive holes they've each dug via their lunatic policies.

I'm pretty sure @realDonaldTrump -
isn't going to fall for it, and he shouldn't. There's no reason for the rest of America to pay for policies they don't agree with and would never pay for in their own (red) states.

So what happens next?

Even when this thing passes, both states (CA & NY) are going to be publicly
insolvent when CA can't pay pensions & NY can't pay for medicare.

Newsom & Cuomo will asked to be bailed out, because God forbid they get their shit together on their own.

If @POTUS is still in the White House (God willing), hopefully he won't pay up, for the same reason above.
Cuomo & Newsom will try to frame it as the "heartless federal government and heartless @realDonaldTrump " refusing to pay their workers & sick, because they're sniveling leftist children who refuse to be held accountable for decades of terrible leadership.

So what happens after-
that? Will the people who these "leaders" have screwed over rise up and demand a change?

Or will they fall for the leftist charade and blame @realDonaldTrump for the decades of mismanagement that leftist governors, mayors, representatives & senators always bring?

Can the -
federal government agree to help out the people who were screwed by terrible leaders but demand a change in leadership?

Or take the states over completely and cut the leftist lunatics out of the equation entirely?

I can already see the media charade when this happens, and it's-
sickening that I think we can all envision exactly what virtue signaling, theatrics & outright lies it would entail.

But it's an inevitability - they will go insolvent, and were on that path long before COVID every hit the stage.

So what comes next?
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