On State Aid: Yes, But

Illinois State Capitol in Springfield (benkrut/Getty Images)
Provide assistance, but require states to pay off their unfunded liabilities.

NRPLUS MEMBER ARTICLE W hen Congress was deliberating about a massive coronavirus stimulus package in late March, the Democrats decided that they wanted to attach some strings to the money they were handing out. For example, Senator Chuck Schumer (D., N.Y.) fought for a provision prohibiting share buybacks by any company that took a stimulus loan — including for a period of time after the loan had been repaid.

Share buybacks are an especial hate object for Democrats. They shouldn’t be. The big stink on corporate management in the United States is the agent-principal problem — corporate executives are supposed to be looking after the

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