One funny line:
For another thing, it’s quite likely that states that don’t rein in their spending – and end up in dire straits – will come knocking in Washington for a bailout. In essence, those states that act responsibly could be asked to subsidize those that don’t.
It’s more than likely that Georgia and South Carolina would be among the “donor” states.
which, according to the Tax Foundation in 2005 at least, would be a reversal (certainly in regards to South Carolina).