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If by "employer of last resort" you are talking about unemployment insurance, the states do indeed carry that responsibility. Well, it is a joint project strongly encouraged and partially funded by the federal government, but mostly it's a state function...
by asdf on Tue Feb 14th, 2012 at 09:52:39 PM EST
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No, I'm talking about overall macroeconomic stabilisation. Or, to put it another way: Who prints and spends during a recession.

The federal government does.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Feb 15th, 2012 at 03:15:45 AM EST
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