"State governments indeed are more fiscally responsible than is Uncle
Sam. The most significant reason is that only Uncle Sam has a printing
press. In the U.S., only he can pay his bills by literally making more money.
Aware of this fact, creditors face less risk of default by lending to the
U.S. government than they face by lending, say, to the State of Kansas or
to General Motors.
Combined with their native profligacy, their access to
the printing press means that Congress and the President will seldom resist
the easy option of deficit spending - a fact as certain as it is lamentable."
- Donald J. Boudreaux, Chairman, Department of Economics, George
Mason University, Fairfax, VA