Thanks for the clarity. Interesting! Didn't realize states can't go bankrupt. I supposed they can default / get bad credit ratings, but then they can probably still issue low-interest loans and still get buyers (maybe Fed, maybe private investors), right? State tax revenue is always there...

Love the idea! Some Qs, as someone still learning all this:
1) How can we be certain the Fed will purchase these bonds?
2) Blue states can only tax the rich (b/c tax the poor=bad/stupid) or ditch balanced budgets to do this, right?
3) Using fixed or variable interest bonds? Would fixed be better?

demand an economy that serves the working class instead of the oligarchs who have been increasingly benefitting from the "the deficit myth" for decades.
substack.com/home/post/p-...

But as this bill's passage shows, the national debt apparently doesn't matter anymore anyway. So it's time we stop talking about "taxpayer money", acknowledge our government can afford anything we can actually do, and...

Why? B/c if we had a fed gov't that pursued fiscal + regulatory policy to ensure dignified jobs for all, free universal public goods and lower costs of living, then workers would be less willing to accept the poor quality jobs & services offered by large corporations and rich people who own them.

Fascism is here because both parties have used "the national debt" as an excuse not to invest (or actively disinvest) in policies that serve the public interest. Why? Because underfunded public services benefit the rich & corporations (their donors and puppet masters).