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When States Go Broke
When States Go Broke collects insights and analysis from leading academics and practitioners that discuss the ongoing fiscal crisis among the American states. No one disagrees with the idea that the states face enormous political and fiscal challenges. There is, however, little consensus on how to fix the perennial problems associated with these challenges. This volume fills an important gap in the dialogue by offering an academic analysis of the many issues broached by these debates. Leading scholars in bankruptcy, constitutional law, labor law, history, political science and economics have individually contributed their assessments of the origins, context and potential solutions for the states in crisis. It presents readers - academics, policy makers and concerned citizens alike - with the resources to begin and continue that important, solution-oriented conversation.
eBook
The Politics of Happiness
During the past forty years, thousands of studies have been carried out on the subject of happiness. Some have explored the levels of happiness or dissatisfaction associated with typical daily activities, such as working, seeing friends, or doing household chores. Others have tried to determine the extent to which income, family, religion, and other factors are associated with the satisfaction people feel about their lives. The Gallup organization has begun conducting global surveys of happiness, and several countries are considering publishing periodic reports on the growth or decline of happiness among their people. One nation, tiny Bhutan, has actually made \"Gross National Happiness\" the central aim of its domestic policy. How might happiness research affect government policy in the United States--and beyond? In The Politics of Happiness, former Harvard president Derek Bok examines how governments could use the rapidly growing research data on what makes people happy--in a variety of policy areas to increase well-being and improve the quality of life for all their citizens.
eBook
State and Local Pensions: What Now?
In the wake of the financial crisis and Great Recession, the health of state and local pension plans has emerged as a front burner policy issue. Elected officials, academic experts, and the media alike have pointed to funding shortfalls with alarm, expressing concern that pension promises are unsustainable or will squeeze out other pressing government priorities. A few local governments have even filed for bankruptcy, with pensions cited as a major cause.
Alicia H. Munnell draws on both her practical experience and her research to provide a broad perspective on the challenge of state and local pensions. She shows that the story is big and complicated and cannot be viewed through a narrow prism such as accounting methods or the role of unions.
By examining the diversity of the public plan universe, Munnell debunks the notion that all plans are in trouble. In fact, she finds that while a few plans are basket cases, many are functioning reasonably well.
Munnell's analysis concludes that the plans in serious trouble need a major overhaul. But even the relatively healthy plans face three challenges ahead: an excessive concentration of plan assets in equities; the risk that steep benefit cuts for new hires will harm workforce quality; and the constraints plans face in adjusting future benefits for current employees. Here, Munnell proposes solutions that preserve the main strengths of state and local pensions while promoting needed reforms.
eBook
The Right Talk
Political analyst Mark Smith offers the most original and compelling explanation yet of why America has swung to the right in recent decades. How did the GOP transform itself from a party outgunned and outmaneuvered into one that defines the nation's most important policy choices?
Conventional wisdom attributes the Republican resurgence to a political bait and switch--the notion that conservatives win elections on social issues like abortion and religious expression, but once in office implement far-reaching policies on the economic issues downplayed during campaigns. Smith illuminates instead the eye-opening reality that economic matters have become more central, not less, to campaigns and the public agenda. He analyzes a half century of speeches, campaign advertisements, party platforms, and intellectual writings, systematically showing how Republican politicians and conservative intellectuals increasingly gave economic justifications for policies they once defended through appeals to freedom. He explains how Democrats similarly conceived economic justifications for their own policies, but unlike Republicans they changed positions on issues rather than simply offering new arguments and thus helped push the national discourse inexorably to the right.
The Right Talkbrings clarity, reason, and hard-nosed evidence to a contentious subject. Certain to enrich the debate about the conservative ascendancy in America, this book will provoke discussions and reactions for years to come.
eBook
Against Bankruptcy Exceptionalism
Bankruptcy courts conceive of their mission differently than other courts do. For the Supreme Court, bankruptcy cases are ordinary statutory cases to be resolved \"clearly and predictably using well established principles of statutory interpretation.\" Many bankruptcy judges, though, believe that bankruptcy courts serve a distinctive mission for which ordinary adjudicative methods do not suffice. Often, that mission is characterized using the language of equity. Judges and commentators alike have observed that among the most spoken words in the bankruptcy courts are: \"the bankruptcy court is a court of equity.\" Others have contended that bankruptcy necessitates \"creativity and flexibility,\" pursuant to which bankruptcy courts have broad authority to formulate orders that promote the ends of bankruptcy. Within the world of bankruptcy, in other words, it is commonly understood that bankruptcy is a special field that requires an exceptional approach—one rooted in the norms, commitments, and assumptions that underlie the values of the bankruptcy community.
I examine this disjunction and consider whether there is any principled justification for bankruptcy exceptionalism. I explain the sources of the disjunction and show how the bankruptcy courts' exceptional approach has driven outcomes in the ongoing Purdue Pharma opioid crisis bankruptcy saga and other hotly contested and socially consequential cases. I conclude that there are many singular aspects of bankruptcy but none that justify treating it specially. Bankruptcy is distinctive, but it is not exceptional.
Journal Article
Bankruptcy not bailout : a special chapter 14
This book introduces and analyzes a new and more predictable bankruptcy process designed specifically for large financial institutions—Chapter 14—to achieve greater financial stability and reduce the likelihood of bailouts. The contributors identify and compare the major differences in the Dodd-Frank Title II and the proposed new procedures and outline the reasons why Chapter 14 would be more effective in preventing both financial crises and bailouts.
eBook
Measuring the Labor Market at the Onset of the COVID-19 Crisis
We use traditional and nontraditional data to measure the collapse and partial recovery of the US labor market from March to early July, contrast this downturn to previous recessions, and provide preliminary evidence on the effects of the policy response. For hourly workers at both small and large businesses, nearly all of the decline in employment occurred between March 14 and 28. It was driven by low-wage services, particularly the retail and leisure and hospitality sectors. A large share of the job losses in small businesses reflected firms that closed entirely, though many subsequently reopened. Firms that were already unhealthy were more likely to close and less likely to reopen, and disadvantaged workers were more likely to be laid off and less likely to return. Most laid-off workers expected to be recalled, and this was predictive of rehiring. Shelter-in-place orders drove only a small share of job losses. Last, states that received more small business loans from the Paycheck Protection Program and states with more generous unemployment insurance benefits had milder declines and faster recoveries. We find no evidence that high unemployment insurance replacement rates drove job losses or slowed rehiring.
Journal Article
Constitutional Liquidation
James Madison wrote that the Constitution's meaning could be \"liquidated\" and settled by practice. But the term \"liquidation\" is not widely known, and its precise meaning is not understood. This Article attempts to rediscover the concept of constitutional liquidation, and thereby provide a way to ground and understand the role of historical practice in constitutional law. Constitutional liquidation had three key elements. First, there had to be a textual indeterminacy. Clear provisions could not be liquidated, because practice could \"expound\" the Constitution but could not \"alter\" it. Second, there had to be a course of deliberate practice. This required repeated decisions that reflected constitutional reasoning. Third, that course of practice had to result in a constitutional settlement. This settlement was marked by two related ideas: acquiescence by the dissenting side, and \"the public sanction\"—a real or imputed popular ratification. While this Article does not provide a full account of liquidation's legal status at or after the Founding, liquidation is deeply connected to shared constitutional values. It provides a structured way for understanding the practice of departmentalism. It is analogous to Founding-era precedent, and could provide a salutary improvement over the modern doctrine of stare decisis. It is consistent with the core arguments for adhering to tradition. And it is less susceptible to some of the key criticisms against the more capacious use of historical practice.
Journal Article
Regional Redistribution through the US Mortgage Market
Regional shocks are an important feature of the US economy. Households' ability to self-insure against these shocks depends on how they affect local interest rates. In the United States, most borrowing occurs through the mortgage market and is influenced by the presence of government-sponsored enterprises (GSE). We establish that despite large regional variation in predictable default risk, GSE mortgage rates for otherwise identical loans do not vary spatially. In contrast, the private market does set interest rates which vary with local risk. We use a spatial model of collateralized borrowing to show that the national interest rate policy substantially affects welfare by redistributing resources across regions.
Journal Article