eagle,the fed accumulated a surplus (& paid of $96 billion of...

eagle,

the fed accumulated a surplus (& paid of $96 billion of labor debt) coz the knew what they where doing.

the states couldn't accumulate surpluses & pay of debt coz they know nothing when it comes to running the economy.

plain & simple, don't confuse the issues.

DISCLAIMER FOR DAVE
during economic boom times even a crappy state labor government could, from time to time, accidentally run up a piddly little surplus.