Editorial: Letting state governments go bankrupt is a terrible idea (via latimesopinion)
Because state and local governments are required to balance their budgets, the revenue losses caused by COVID-19 could force deep cuts in public education, public safety, utilities and other vital services. That why top congressional Democrats have been pushing to help cash-strapped state and local governments, and rightly so.just send a blank check
down to states and local governments to spend any way they choose to,” Senate Majority Leader Mitch McConnell explained to conservative talk-show host Hugh Hewitt last week. “It has to be coronavirus-related. And I think we need to have a full debate not only about if we do state and local, how will they spend it.”By all means, governments need to be accountable for what they do with tax dollars.
McConnell told Hewitt, “I would certainly be in favor of allowing states to use the bankruptcy route.” The liability faced by states and local governments for the retirement benefits they promised police, firefighters, teachers and other public employees is enormous indeed. But that’s a problem for the long term. The problem for this moment is the staggering revenue loss caused by the shutdowns that have helped keep the pandemic from overwhelming local healthcare systems.
Not only is McConnell focused on the wrong problem, he’s offering the wrong solution. Cities in almost half of the states aren’t allowed to declare bankruptcy, and federal law doesn’t give any states the authority to do so.
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