In A Bad State - Schleicher, David

An Authoritative Review Of The Long History Of Federal Responses To State And Local Budget Crises, From Alexander Hamilton Through The Covid-19 Pandemic, That Reveals What Is At Stake When A State Or City Cant Pay Its Debts And Provides Policy Solutions To An Intractable American Problem.what Should The Federal Government Do If A State Like Illinois Or A City Like Chicago Cant Pay Its Debts? From Alexander Hamiltons Plan To Assume State Debts To Congresss Efforts To Respond To The Covid-19 Pandemic, Many Of The Most Important Political Disputes In American History Have Involved Federal Government Responses To State Or Local Fiscal A Bad State Provides The First Comprehensive Historical And Theoretical Analysis Of How The Federal Government Has Addressed Subnational Debt Crises. Tracing The Long History Of State And Local Borrowing, David Schleicher Argues That Federal Officials Want To Achieve Three Things When A State Or City Nears Default: Prevent Macroeconomic Distress, Encourage Lending To States And Cities To Build Infrastructure, And Avoid Creating Incentives For Reckless Future State Budgeting.