Our current approach to state debt overcorrects for the problem that states might borrow too much. We can do better and aspects of the federal response to the pandemic illustrate how. The federal government should make forgiveable low-cost loans available to the states, but within limits to prevent moral hazard. 

中文翻译：

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超越临时财政联邦制：为各州建立默认联邦流动性工具的提案

我们目前处理国家债务的方法过度纠正了国家可能借贷过多的问题。我们可以做得更好，联邦应对大流行的各个方面都说明了如何做。联邦政府应向各州提供可宽恕的低成本贷款，但应在防止道德风险的限度内。