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Full-Text Articles in Law
Constitutionalizing Local Politics, Joseph Blocher, Ilan Graff
Constitutionalizing Local Politics, Joseph Blocher, Ilan Graff
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No abstract provided.
A Minimalist Approach To State ‘Bankruptcy’, Steven L. Schwarcz
A Minimalist Approach To State ‘Bankruptcy’, Steven L. Schwarcz
Faculty Scholarship
Increasingly finding themselves in financial straitjackets, states have been turning to austerity measures, tax increases, privatization of services, and renegotiation of collective bargaining agreements. Absent a federal government bailout, however, states will also need debt relief if their debt burden becomes so crushing that reasonable efforts at fiscal reform will fail to avoid default. Some advocate providing this relief by, effectively, extending municipal bankruptcy law to states. That approach brings in excess baggage, however, engendering political opposition and constitutional concerns. There is a simpler solution: Enable states to work out their debt problems with their creditors. Although the main obstacle …