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there is LOTS of money
just not enough to pay all the debts
so bankruptcy is the way to determine who gets paid and who does not get paid in full
and according to the state's constitution, the pensioners will get paid in full
those not protected by constitutional provisions - not so much. they will get what ever is left to divide for themselves
That's right. There is LOTS of money, just not enough to pay all the debts. That same understanding of economics applies to the Federal Government as well.