Irresponsible state and local governments are attempting to exploit the fear and disruption of the coronavirus epidemic to push off the consequences of their decades of reckless and culpably dishonest policies onto the federal government. This will inspire a great deal of conversation about "moral hazard" and "fairness," but the fundamental problem is something else: Such a bailout would not work because it would not actually solve the real-world problems that threaten to cripple state and local finances.

Contra Mitch McConnell, the Senate majority leader, this is not exclusively a "blue state" problem.

State and local governments are facing short-term financial problems that are tied to the epidemic and the imposition of social distancing, lost tax revenue prominent among them. With businesses forcibly closed and unemployment soaring, there is less money coming into state, county, and city tax coffers. Some states are better prepared for this than others: Wyoming maintains a "rainy-day" fund that has socked away in it funds equal to 109 percent of the state's annual government expenditures. Alaska has more than half a year's expenditures tucked away, North Dakota 30 percent, New Mexico 27 percent. Most states have a good deal less, and some have very little: New York has only 3 percent, Pennsylvania 1 percent, and Senator McConnell's home state of Kentucky less than 3 percent. Illinois, to nobody's great surprise, comes in at 0.0 percent, no doubt from spending all its money on Chicago-style avocado toast.

Conservatives often have been critical of these funds, characterizing the reserves as excessive and arguing that the funds should be drawn down to finance tax cuts. In uncertain times, Wyoming's big fat fund looks pretty smart.