The Shaky Case for State Bailouts – Reason

"Unlike doctors, who are ethically obliged to help even patients who cause their own medical distress, the federal government is not obligated to help irresponsible states in financial distress. Places like New York state or Illinois need to be bailed out during every emergency, and then they inevitably fail to address the issue during good times. Instead of pruning their budgets, they hike spending between recessions."