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Steven Malanga\xa0and\xa0Brian Anderson\xa0discuss how the economic shock resulting from the coronavirus\u2014the closing of large sections of the American economy, the plunge of stock markets\u2014is likely to undermine state and local budgets around the country.

Even as states are searching for extra funds to help battle Covid-19, the loss of tax revenue during the crisis will be devastating. "States that rely on meetings, conventions, and tourism, or that derive substantial economic growth from energy production, or that depend on big gains in the financial markets from wealthy individuals, will be among the biggest losers unless the economy turns around fast," Malanga writes.

To follow\xa0City Journal\u2019s continuous coverage of the pandemic, click\xa0here.