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States don t need a bailout Print this article Despite the rebounding economy and aid spending still in the pipeline, President Biden and congressional Democrats are pressing to pass another $1.9 trillion stimulus bill. In general, the bill is not needed, but the most wasteful part is $500 billion in further subsidies for the states. Last year, when the economy went into shutdown, it appeared that state and local governments would suffer budget holes as tax revenues fell. For months, the media blared that the states faced a dire fiscal crisis. In response, Congress passed rounds of aid to governments, totaling at least $360 billion. By the fall, however, it was clear that the economy was recovering strongly and that tax revenues in the states were rising. Nationwide, state and local tax revenues fell 5% in the second quarter of 2020, but they more than made up for lost ground in the third and fourth quarters, according to data from the Bureau of Economic Analysis.

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