States don’t have those two advantages. They have tighter credit limits and their taxpayers can freely move to other states.
Many elected officials and civil servants seem not to grasp those differences. They want something that can’t be done, except in Washington, D.C. I think this has probably meant slower response by those who might be able to help. No one wants to admit they screwed up.
In theory, state pensions are stand-alone entities that collect contributions, invest them for growth, and then disburse benefits. Very simple. But in many places, all three of those components aren’t working.