States cannot declare bankruptcy.  Oregon has ample taxing authority and assets to fulfill the PERS contract.  Fortunately, unlike you, the majority of Oregonians have the integrity to honor their commitments and want to live in a state with good public services.  There were 8 school district tax measures on Tuesday, all but one passed.  There were many other local government measures as well and they also passed.  We honor our contracts and we value our quality of life.