The wider economic fallout from the virus and governments' response to it has been unprecedented.
Congress appropriated more than $2 trillion in response to the virus. In inflation-adjusted terms, this sum is about double what America spent to fight World War II in 1944, the height of our war effort.
Depending on the mix of state revenue sources—property taxes being the most stable, followed by sales taxes, income taxes, corporate taxes, and excise taxes on oil and gas—states will see a wide range of fiscal stresses on top of what is expected to be more than 20 million newly unemployed American workers.
But ready availability of almost limitless federal funds for the states and local governments has led to what might be an unintended consequence—an increased reluctance on the part of elected officials at the state and local level to agree to get the economy moving again.
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