"Municipal bond investors have to share the burden in state bailouts" writes my colleague Josh Rauh, and he is exactly right.
Background: State and local governments borrowed a lot of money and blew it. They borrowed further by not funding their pensions. Now Covid comes along, people are fleeing cities, and they don't have tax revenue to fund ongoing expenses.
The big question hanging over Washington: If we are going to help state and local governments weather the storm of their current expenses, does that mean federal taxpayers bail out the bondholders who