Should States Declare Bankruptcy? (with David Skeel)
This year's public-health crisis has ravaged state budgets across the country, as revenues plummet while spending explodes. For some states, this has dramatically worsened pre-existing fiscal problems caused by decades of mismanagement of pension obligations. Guest David Skeel argues that in order to help those states in particular, Congress should create the option of state-government bankruptcy, which current law does not allow.