The economy is in poor shape now, but will probably get much, much worse in the coming years (see today's poorly performing 5 year treasury bond sales, an indicator that foreign banks and investors don't want to invest in us, even with a higher "tail" interest rates.). What makes our state legislators think that they will have more funds in a few years to buy these properties back?
It is in no one's interest that the US economy crash and burn, and that is why the oil rich countries, and China, Russia, etc. appear to be cooperating on "gently" moving the world to a "basket of currencies" rather than use the dollar as the main international exchange currency - they don't want us to crash and burn and take them with us. A slow and gradual process is the best that we can probably hope for.
How can the USA cooperate? For one thing, how about reducing federal, state, and local expenditures by 25% (OK, I just made up that amount, but it sounds about right).
Painful? You bet. Government workers will have salaries and benefits reduced, as will the general population. Deals with labor unions will be broken. Benefits form the ponzy scheme known as social security will be cut back.
Corruption needs to be nipped. As a starter, how about a tax on financial transactions that do not involve real goods and services: apply a 1% tax to hedge fund investment transactions, etc. Slow down the non-productive use of money.
Bush, Obama, and Congress have already proven themselves to be firmly in the pockets of corporations and their lobbyists - that will not change. Why should people who get to make the rules be fair with the rest of us?