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The world’s eighth-largest economy has just gone belly-up

There is an unreal, almost dreamlike quality about this moment. Dreadful things are about to happen: Hundreds of thousands of children will lose their healthcare. Five thousand state workers will be laid off. Massive cuts will decimate education at every level. Social services will be slashed. Two hundred and twenty-nine parks, out of a total of 280, will be shut down. Even some of the state’s landmarks may go on the auction block to raise money.

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