The vast fiscal crisis descending on states as a result of COVID-19 will challenge them all.
But the financial burdens brought about by massive tax-revenue losses caused by the virus should not be conflated with the preexisting financial conditions of many states.
Some states will try to secure financial bailouts for long-practiced profligacies and do so at the expense of the more thrifty, prudent states.
New York Governor Cuomo has been raising his voice, literally, trying to divert attention from this core dilemma, using the genuine suffering and an anti-McConnell press as a shield. But Governor Cuomo shouldn’t be allowed to cloud the clear vision of the massive problem.
The coming debate really isn’t about Trump, Cuomo or McConnell. It’s about structural federalism, the genius of our republic.
This isn’t about grace. Much grace, in the form of vast grants of funds, has already been given.
It’s about federalism.
And it’s about prudence.
That which gets rewarded gets repeated.
If we reward that financial mismanagement, we’ll get more of the same.Read More »