During economic shocks, one popular philosophy of response for government is Keynesian-style stimulus. When demand is collapsing, government should step in as the spender of last resort.

This is not a dissection of that approach — don’t @ me. Instead, this is an explanation of why fiscal stimulus is primarily reserved for sovereign governments, not state and local ones.

The allure is understandable. A pandemic has effectively shutdown our national economy, causing still-un-calculated ripple effects.

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