So it is a new Fed contract

It sure is, and folks know this, and more of them are thinking we can do this with much less volatility than Nixon or Roosevelt.

It will boil down to the senators, these small states have to make a long term bet, and they cannot survive with all the congestion in the Swamp.  They know it.  Their risk is known ex post, it is fairly easy to measure the cost of delusions, specifically the idea our government proportional.  Once the small state senators get the fear, they will think a bit, why not bet the long term? Acknowledge the cost of state mismatch. It is high, equalize that cost with a long term bet.

Forget the Godot crowd and their priors, give us a loss amount and do a new Fed contract. It is our fifth or sixth time through the process, we generally get better.

There is now a very poor bipartite match between House and Senate. The two party pit boss is for shit. But once we acknowledge the crap, we can cost it and pay the price and free up some liquidity for the senate. The small states need their payout and have to know their responsibility with smart senators. This also give our favorite radical, AOC,  a much better view knowing the state mismatch problem is paid for up front.

Krugman will not like it, he is a Godoter, but he knows I am right, it is the completion of agglomeration theory and he is stuck, so rant away Paul, but leave the new economics out of it you are retired.