After approving another multi-billion dollar coronavirus relief bill, Senate Majority Leader Mitch McConnell made big public policy news when he argued in a radio interview that states seeking bailouts to cover the costs of their underwater government employee pensions should instead have the ability to declare bankruptcy to restructure their unsustainable liabilities.

Privatization looks to be the only viable option.

In a new article in the London Guardian, “$2 Trillion Debt Crisis Threatens to Bring Down 100 U.S. Cities,” Elena Moya reports that “Overdrawn American cities could face financial collapse in 2011, defaulting on hundreds of billions of dollars of borrowings and derailing the U.S. economic recovery. Nor are European cities safe—Florence, Barcelona, Madrid,...
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