Covid-19: The Impact on State Budgets
City Journal Audio
Manhattan Institute
4.8 • 615 Ratings
🗓️ 25 March 2020
⏱️ 18 minutes
🧾️ Download transcript
Summary
Steven Malanga and Brian Anderson discuss how the economic shock resulting from the coronavirus—the closing of large sections of the American economy, the plunge of stock markets—is likely to undermine state and local budgets around the country.
Even as states are searching for extra funds to help battle Covid-19, the loss of tax revenue during the crisis will be devastating. "States that rely on meetings, conventions, and tourism, or that derive substantial economic growth from energy production, or that depend on big gains in the financial markets from wealthy individuals, will be among the biggest losers unless the economy turns around fast," Malanga writes.
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Transcript
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| 0:00.0 | Welcome back to the Ten Blocks podcast. This is Brian Anderson, the editor of City Journal. I'm recording |
| 0:21.7 | today under partial lockdown from my home outside New York, and I'm joined today by my colleague |
| 0:27.4 | Steve Malanga remotely as well. Steve is our senior editor at City Journal and a senior fellow at the |
| 0:34.2 | Manhattan Institute. He's joining us from his home in New Jersey, which has its own |
| 0:38.2 | stay-at-home order in place as well. It's been a difficult couple of weeks here in the New York |
| 0:44.2 | metro area, as I imagine it's been for many of our listeners. But the City Journal team has been |
| 0:51.1 | hard at work, and if you visit our homepage, you can find our extensive coverage |
| 0:57.0 | of the crisis. Over the last week, City Journal has published a long series of articles on the |
| 1:04.4 | situation, including Seth Barron on reforms to help New York City's hospitals fight the outbreak. Nicole |
| 1:12.3 | Julinus on the prospect of a federal bailout for the region's transit system. Guy Sormone |
| 1:19.9 | on why he holds the Chinese Communist Party guilty of starting the pandemic. The virologist |
| 1:26.7 | Peter Colchinski on vaccine development, |
| 1:30.5 | the Italian professor of Flavio Felice on his experience living under quarantine in his hard-struck |
| 1:36.4 | home country and much, much more. We've created a landing page or vertical on the website. |
| 1:43.7 | We can find all of our coronavirus-related |
| 1:46.8 | articles, which we'll link to in the description. |
| 1:50.2 | We're recording today on today's 10 blocks to talk with Steve about his contribution to the |
| 1:56.1 | COVID-19 coverage, the crisis's impact on budgets. |
| 2:03.2 | Steve, thanks very much for joining us. |
| 2:05.7 | I guess you could say it's my pleasure to be here. |
| 2:07.9 | I'm not quite sure under these circumstances. |
| 2:15.5 | Now, as we're speaking, states across the country are spending or they're preparing to spend an enormous amount of money to fuel the resources |
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