In a Bad State: Responding to State and Local Budget Crises David Schleicher

In a Bad State: Responding to State and Local Budget Crises – Ebook Instant Download/Delivery ISBN(s): 9780197629154,0197629156

Product details:

• ISBN-10 ‏ : ‎ 0197629156
• ISBN-13 ‏ : ‎ 978-0197629154
• Author(s): David Schleicher

What should the federal government do if a state like Illinois or a city like Chicago can’t pay its debts? From Alexander Hamilton’s plan to assume state debts to Congress’s 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 crises.

In 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. But whether they demand state austerity, permit state defaults, or provide bailouts-and all have been tried-federal officials can only achieve two of these three goals, at best. Rather than imagining that there is a single easy federal solution, Schleicher suggests some ways the federal government could ameliorate the problem by conditioning federal aid on future state fiscal responsibility, spreading losses across governments and interests, and building resilience against crises into federal spending and tax policy.

Table contents:

Part I Why Is It So Hard to Get Out of a Bad State? An Introduction to the Problem of State and Local Fiscal Crises
Introduction: Why Is It So Hard to Get Out of a Bad State?
Part II When We’ve Been in a Bad State: The Theory and History of Federal Responses to State and Local Fiscal Crises

2. State Debt Crises through the 1840s

3. The Dual Debt Crises of the Second Half of the Nineteenth Century

4. State and Local Debt Crises in the 20th Century

5. The Great Recession and State and Local Fiscal Crises

6. COVID-19, the CARES Act, the MLF, and the ARP

Part III Tools for Getting Out of a Bad State
7. An Introduction to the Principles for Responding to State and Local Fiscal Crises
8. Building Better Bailouts

9. Building Better Defaults

10. Building Better Forms of State and Local Austerity

11. Resilience, or Building a Better Federal System

Notes
Index

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