Is state bankruptcy waiting in the wings?
May 4, 2020
The Founding Fathers, mostly Alexander Hamilton and James Madison, didn’t expect that a by-product of federalism would be state bankruptcies. But that is what could happen if we adopted U.S. Senate Majority Leader Mitch McConnell’s suggestion that states buried in debt because of the virus should declare bankruptcy.
According to the National Conference of State Legislatures, 15 states have...