Congressional Democrats have been talking about a federal guarantee for state and local government bonded debt for a while now.
Unfortunately for taxpayers, that plan just isn’t moving along fast enough.
Given that borrowing in the municipal market is Kentucky’s preferred method of overspending, our politicians will surely be on board with this fiscally irresponsible plan to federalize state and local obligations. And, of course, California’s big spenders will breathe easier. But this is the worst idea — so far — in a growing string of bad ideas for Americans.