Government employees don’t pay enough taxes to cover their own salaries, and municipalities don’t have a printing press.
Private sector unemployed don’t pay taxes. Schools, police, and other government services aren’t free. Neither are pension liabilities that are due to retired government employees.
More federal bailouts are inevitable.
Muni bond issuers and investors call for rapid relief from the Fed
City of San Francisco complains that coronavirus fears have turned market ‘crazy’
https://www.ft.com/content/bce34af4-2c67-435f-a881-7c2fbaad31d7