NY state has been hit with a 40% fall in tax revenue. The fiscal crisis of the hardest hit American states is going to be a huge story by 2021, if not sooner. NE obvious. But California and Georgia hit hard too. https://t.co/jtZOaLE13x pic.twitter.com/ngCzttfSIS

— Adam Tooze (@adam_tooze) June 17, 2020