Matt Welch eviscerates Christopher Edley’s suggestion that states borrow money directly from Treasury. The major guffaw line from Edley:
Of course, when Treasury eventually collected what it was owed, the state would have to cut spending or find new revenue sources. But that would happen after the recession, when both tasks would likely prove easier economically and politically.
Really, I read the rest of the Edley piece. Save yourself the trouble and read Matt Welch instead. Or just look at Welch’s graphs.
