We Can Prevent a Great Depression. It’ll Take $10 Trillion.
COMMENTARY | Don’t think of that number as “big” or “bold.” Just think of it as the appropriate dosage for a once-in-a-century economic affliction.
Colorado Groups Push for Tax Hike on Higher Earners to Help With Budget Shortfall
The temporary income tax increase they’re supporting would apply to households making upwards of $250,000 per year. The state, like others, is facing budget pressures tied to the coronavirus outbreak.
The Trump Administration Says a New Bailout Program Will Help 35 Million Americans. It Probably Won’t.
Experts from across the political spectrum fear that the Federal Reserve’s new Main Street Lending program won’t reach enough businesses or save enough jobs.
Many Americans Were on Shaky Financial Ground When Virus Hit
This is underscored by a new report from the Federal Reserve, which also highlights how job losses during the coronavirus outbreak have been severe for lower earners.
Why a Struggling Rust Belt City Pinned Its Revival on a Self-Chilling Beverage Can
Welcome to Youngstown, Ohio, home of Chill-Can, the self-chilling beverage container you’ve probably never heard of. Officials have gambled millions of dollars and demolished a neighborhood for the product. Not one job has been created yet.
Scratch-Off Lottery Sales Soar
The sales are a rare bright spot for state budgets.
Virus Downturn Will Further Strain Troubled Public Pension Funds
New research warns that the nation’s worst-off retirement plans for state and local government workers “face the risk of running out of assets in the foreseeable future" if there's a slow recovery.
House Democrats Offer Coronavirus Package with $1 Trillion for State and Local Governments
The $3 trillion proposal would also allow states and localities to use prior funding to offset tax revenue lost due to the pandemic.
Western States Pact Asks for $1 Trillion in Coronavirus Relief
STATE & LOCAL ROUNDUP | Feds begin looking at Ahmaud Arbery case … South Dakota Sioux tribe refuses to remove highway checkpoints … Illinois governor to work from home.
What Tax Policy Might Look Like in the Era of Covid-19
COMMENTARY | States are facing significant shortfalls in tax revenue. Leaders will need to think carefully how to execute tax policy in an uncertain economic climate.
‘Double Whammy’: Oil Crash Adds to Virus Budget Woes in Some States
Alaska is dealing with some especially tough financial issues. In Louisiana, one lawmaker says: "It's just kind of the perfect storm with the coronavirus and the collapse of oil and gas."
House Democrats’ Coronavirus Aid Plan Would Distribute County, City Funding by Population
Democrats want to include funding for local governments in their latest proposal, but are expected to meet resistance from Republican lawmakers.
The Small-Business Die-Off Is Here
COMMENTARY | Many small businesses won’t survive, and that will change the landscape of American commerce for years to come.
Where’s My Refund?: State AGs Step in to Help
Thousands of would-be travelers are after refunds for trips untaken, resorts unvisited, vacant vacation homes and memberships to closed gyms.
Federal Aid Critical for Closing West Virginia Budget Gap, Republican Governor Says
State revenues are lagging by about $200 million. Without enough federal funds to help bridge that shortfall, Gov. Jim Justice warns “you're going to have a bankrupt state.”
Saving Main Street: Why State and Local Governments Are Vital for Its Survival
COMMENTARY | Main Street America is facing its toughest crisis ever as people stay at home to slow the spread of coronavirus. State and local governments need to step up to help businesses stay alive.
A Budget Shortfall Estimate for States Grows Even Worse
Updated figures from a think-tank found that the hit to state finances will be worse than the Great Recession.
Looking for Extra Cash? Check Your State’s Unclaimed Property Database
COMMENTARY | State treasurers are returning millions in unclaimed property to residents.
Pelosi Raises Possibility of Local Funding On Top of $500 Billion for States
The House speaker’s comments come amid partisan sparring over how far the federal government should go to help states and localities facing big revenue shortfalls due to the coronavirus.
Fed Expands Lending Program to Include More Counties and Cities
New guidelines for the initiative lower the population threshold for local governments to qualify, and allow for short-term debt to be repaid over a lengthier 36-month timeframe.
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