States don't need a bailout because they aren't able to pay their debts, but because the things they would otherwise do to pay their debts would wreck the economy, writes jbarro
Mitch McConnell.
One reason that governments borrow money cheaply is that they have a wide variety of tools available to them that individuals and corporations do not. When Delta’s customers disappear during a crisis, it can’t force them to keep paying for airline tickets. But states have the power to tax, and to increase taxes in times of budget shortfall. There are consequences to that choice — residents may respond to tax increases by working less, or by hiding income, or even by moving away.
The “Blue State Bailout” frame some Republicans are using to discuss the idea of state aid is ridiculous. The idea that only states like New York and Illinois will need federal assistance to avoid tremendous cuts to their budgets is a fantasy. The negative economic effects of this crisis are national.
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