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Americans For Prosperity Americans for Prosperity (AFP) and Americans for Prosperity Foundation (AFP Foundation) are committed to educating citizens about economic policy and mobilizing those citizens as advocates in the public policy process. AFP is an organization of grassroots leaders who engage citizens in the name of limited government and free markets on the local, state and federal levels. The grassroots members of AFP advocate for public policies that champion the principles of entrepreneurship and fiscal and regulatory restraint.

Americans For Prosperity

New report offers three reasons why additional state and local bailouts would be a ba

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Unread 05.20.20, 10:20 AM
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New report offers three reasons why additional state and local bailouts would be a ba

05.20.20 09:40 AM

Congress will be providing at least $1.9 trillion in total assistance to state and local governments this year,*most of which is*in response to the COVID-19 pandemic. Nevertheless,*some*lawmakers*claim*that additional municipal bailouts will be*necessary to address*revenue pitfalls*in state and local budgets.*One proposal calls for*an*additional*$1 trillion*in federal spending. These bailouts are a bad idea, according to*a*new report*from Americans for Prosperity’s Matthew Dickerson and Alison Winters.*Here’s why congressional lawmakers should reject such calls for additional spending. Another bailout would be unnecessary Instead of pushing for massive bailouts, lawmakers should ask how states are spending the money they’ve already received from the federal government. Here are the numbers: The Center for Budget and Policy Priorities projects state budget*shortfalls*reaching up to*$460 billion for*fiscal*2020 and 2021. In*fiscal*2019, states held a total of*$74.9 billion in rainy day funds. The federal government has already provided more than $377 billion in flexible assistance related to COVID-19 as a part of the nearly $2 trillion in assistance to state and local governments made available in*fiscal*2020. Taken together, states have about*$450 billion in liquidity to weather this crisis. That’s before*cutting a single cent in*spending. States should*also*consider reducing their spending.*A step toward greater fiscal responsibility would benefit them*—*not to mention federal taxpayers*—*when planning […]

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