Holy moley.
The bailouts will get expensive if we go down that road.
I heard deBlasio on one of the Sunday shows, say he needs $10 billion from the federal government. He estimated he’s short $7 billion due to reduced tax revenues from the economic downturn, and about $3 billion in additional direct expenses due to the virus.
And remember that every city in America, and every state in the union, is going to have severe budget problems, due to the economic decline caused by shutting down the economy.
So will 50 states and hundreds of cities and towns have their hand out, going to Washington, begging for their share of the bailout money?
Just based on back of envelope calculations, we could easily spend another trillion dollars plus on bailouts to states and cities, if we start down that road.
Tennessee is doing quite well because we don’t rely on a state income tax for revenue.