In a way it kind of does. If California was going through a recession and Michigan wasn't, California would be bringing in less then its share of federal tax. Whatever it was minus in this instance would be added to the federal deficit which the whole country is responsible for. To be the same as the countries that are involved in the Euro, in the above example, the US would have to tax California at a higher tax rate (to make up for lost tax revenue) while intentionally spending less money in California. Neither of these happen IRL.
The argument that Michigan doesn't pay for California's state debt is true and so that point is relevant, but what is state tax compared to federal tax? Federal taxes have to be at least 4X larger (couldn't find an exact number, and I'm really not gonna spend time to calculate it)
I admit that this is good in theory, but are any countries actually run like companies?
I agree with most of this. The debts of most of the countries aren't especially high, with one or a few exceptions.
Although I disagree with one part, that since everything can be solved, it will be. Politics don't always work in the best manner to solve problems.
Also can you elaberate on the hedging part. I understand hedging from an investors standpoint, but I admit don't know anything for a country as a whole, or for an entire currency.