"Scholars writing about how the federal government should respond to state and local fiscal stress fall into roughly two camps. One group argues that federal bailouts create excessive moral hazard. Another group argues that federal aid is instead a necessary form of macroeconomic stimulus given...

Pensions are important to government employees. In the United States, some states fund almost 100 percent of the present value of future pension obligations; while in other states, the funding is substantially lacking. Results of this study show that states with lower state expenditures per...