Chris Pope, City Journal
The coronavirus crisis has become a crisis of federalism, as states face plummeting revenues and soaring entitlement obligations. Despite $340 billion in emergency funding through the CARES Act and a $50 billion hike in federal assistance for Medicaid, states remain deep in the red. The National Governors Association has called for an additional $500 billion in “unrestricted fiscal support” to help meet budgetary shortfalls, and House Democrats have made further assistance for states a centerpiece of their proposed $3 trillion HEROES Act. Read more here....
Desmond Lachman | The Hill
When something is unsustainable, it will eventually come to an end. Don't expect unsustainable public debt to be any different.