Why Illinois is bankrupt -

[Rooster1971]

Brag all they want. They have 400 billion debt on unfunded pensions, benefits, bond debt and deferred debt. Billions to teachers, public servants, engineers and so on and so on.
Their bond rating has gone up but lower than most states.
California is a heartbeat away from bankruptcy. They have kicked the can down the road so many times, the can has rusted. Proposed ways to cut debt will never pass because the unions and snowflakes are too strong.
Kick the can. It will fall apart. The drought almost did it, but it was just another harder kick down the road and a load of federal aid.

California isn't anywhere close to the top of the list of states of GSP vs. debt. They have a huge economy, like 6th in the world or something like that.

 

[Rooster1971]

Can you imagine the sheer defection of business if CA would succeed? That place would turn into Mexico (as in no real economy) in a matter of weeks.

Their economy is huge. A lot of agricultural and tech products as well as other products from other industries are produced there.