In a Bad State av David (Professor of Law Professor of Law Yale Law School) Schleicher

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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 can''t 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 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 dist