When States Go Broke collects insights and analyses from leading academics and practitioners who discuss the ongoing fiscal crisis among the American states. No one disagrees with the idea that the states face enormous political and fiscal challenges. There is, however, little consensus on how to fix the perennial problems associated with these challenges. This volume fills an important gap in the dialogue by offering an academic analysis of the many issues broached by these debates. Leading scholars in bankruptcy, constitutional law, labor law, history, political science, and economics have individually contributed their assessments of the origins, context, and potential solutions for the states in crisis. It presents readers--academics, policymakers, and concerned citizens alike--with the resources to begin and continue that important, solution-oriented conversation.
Fiscal institutions and fiscal crises / Isabel Rodriguez-Tejedo and John Joseph Wallis -- Obligations without the power to fund them / Damon A. Silvers -- Public pension pressures in the United States / Olivia S. Mitchell -- Structural challenges in state budgeting / Josh Barro -- What states can learn from municipal insolvency / Clayton P. Gillette -- Market discipline and U.S. federalism / Jonathan Rodden -- American states and sovereign debt restructuring / Adam Feibelman -- State bankruptcy from the ground up / David A. Skeel, Jr. -- Fiscal federalism and the limits of bankruptcy / Adam J. Levitin -- Extending bankruptcy law to states / Michael W. McConnell -- Bankruptcy for the states and by the states / George Triantis -- Labor and the states' fiscal problems / Catherine Fisk and Brian Olney
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