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Girard Miller

Girard Miller

Finance Columnist

Girard Miller is the finance columnist for Governing. He is a retired investment and public finance professional and the author of “Enlightened Public Finance” (2019). Miller brings 30 years of experience in public finance and investments as a former Governmental Accounting Standards Board member and ICMA Retirement Corp. president.

Miller writes Governing's bi-weekly newsletter on public finance, which you can sign up for here.

He can be reached at millergirard@yahoo.com. 

To resolve the stalemate on COVID-19 relief for states and localities, Congress should require a contractual commitment to robust rainy-day funds and promote serious efforts to fix pension underfunding.
There isn't enough money there to significantly redress urban inequalities. The best way forward is to rethink law enforcement budgets for better policing and to de-fang unions that shield bad cops.
Fear of contagion en route is keeping travelers on the ground, crushing local businesses and regional economies. Airport authorities should band together to establish on-site rapid testing.
Raising the cap on the federal deduction for state and local taxes while putting a lid on another tax break would benefit more taxpayers and the governments closer to them.
Caught between the Federal Reserve's new strategy for managing inflation and historically low bond yields, the plans now need to take a fresh look at their actuarial assumptions and inflation protection.
In the absence of substantial pandemic aid from Washington, there might be a role for the central bank: longer-term loans. But let's not create another perpetual-deficit machine.
Some taxes are more impaired by the pandemic recession than others, and each jurisdiction is impacted differently, but many will still suffer revenue slumps into next year and even beyond.
Europe is heading in that direction. If the idea begins to catch on here, states and localities will need to be at the federalism policymaking table to share in the revenues.
Washington's wrangling over the politics of public education will put our kids and communities at risk unless politicians face up to fiscal and physical realities. They need to get it done now.
Despite federal scaremongering about state and local pensions, the problem for now isn't their balance sheets. It's the budget vise that is likely to tempt some public employers to cut funding corners.