The issue here is that many states can’t actually do this because they can’t print money to pay for things, unlike the federal government. Maybe if the federal government constantly bailed them out this approach would have a shot.
My own state is (like all states I assume), by and for the rich. Since the rich are the only ones with assets to tax, and since they don’t want to be taxed to pay for anything, this approach is hopeless without frequent federal bailouts. It would probably lead to a lot of borrowing which would then of course lead to economic collapse.
The issue here is that many states can’t actually do this because they can’t print money to pay for things, unlike the federal government. Maybe if the federal government constantly bailed them out this approach would have a shot.
My own state is (like all states I assume), by and for the rich. Since the rich are the only ones with assets to tax, and since they don’t want to be taxed to pay for anything, this approach is hopeless without frequent federal bailouts. It would probably lead to a lot of borrowing which would then of course lead to economic collapse.