State Salve

From 4/1/20-6/30/20, state and local tax revenues will fall by $150 billion, exceeding the $100 billion decline experienced during the entire Great Recession. Moreover, spending has soared as states boost expenditures on unemployment insurance, healthcare, and police. Worse, budget shortfalls will be large even in FY21 and FY22, necessitating draconian cuts to public services during a recession/pandemic as most states must run balanced budgets. Quick federal aid is a no-brainer.