Posted on 04/15/2020 6:34:43 PM PDT by Bruiser 10
Yes.
Damn right.
Yes.
The plan of the backdoor stimulus all along besides mortgage and property taxes. Same players all along. Other than that, will be a second stimulus.
California is supposed to have balanced annual budgets.
CA unfunded mandates exceed $1 TRILLION.
Let them watch their retirements evaporate the way most of those who worked for 30+ years did. Let them experience BEGGING for the decent health care that their tenure promised. Let them experience their retirement plans evaporate. Let them feel the BERN that they voted for year after year!
I believe this will be true to a great extent. The states like Illinois that are already in Deep S will not know what to do, they now admit they are looking at a almost $7 Billion deficit.
They can’t raise taxes, no one to pay them, and what investors in their right mind will buy their bonds.
My prediction is this, Congress will change the rules for The Fed and allow them to buy state and municipal bonds, just like the Bank of Japan does with stocks, corporate bonds, etc., it may well come to that here. The Fed will be the buyer of last resort.
Here in Arkansas it is against state law for the state to have any debt. we can’t sell bonds, etc.. The state by law has to adjust the budget if the money is not there, mandatory cuts across the board no exceptions.
Let’s see what happens with NY, Ca, and Ill, to name a few.
“...Many states, cities and counties are about to, suddenly, run out of money. ...”
*********************************************
“Suddenly” my ass. These governments have been overspending for years and decades. This is trying to position things politically for a vast federal bailout. HELL, NO!!
And they will not have it to give.
They’ll go for a second stimulus first, including deferred payments at %. This will be with simultaneous freeze in new employees.
In other words, a stealth way of compensation for all the lost govt. pension $ by the MBS and CDOs loss in the stock market. Not at all unlike the AOL crash, but this is much severe.
And they’re going to come to Trump looking for help.
And at that moment he’ll have them by the shorthairs.
The Democrats and the media are feeding this Fear Monster. They had better stop or all hell is going to break loose and it will consume them too. There will be no place to hide.
“Many states, cities and counties are about to, suddenly, run out of money.”
Fake News!! California has plenty of money to pay illegal aliens. They must be rolling in it. /s
Panic Time! Might not be able to fund the Department of Natural Resources! Wild animals may go extinct. No ducks, geese, deer, fish.
Cuomo wants the federal government to bail the states out by making up the shortfalls in revenue due to the virus.
“ Unlike the Federal government, most (if not all) states have to have balanced annual budgets.”
And unlike the Federal government, NO state can print money. This is when it should dawn on Democrats that trying to destroy Trump at all costs is at best for them a murder/suicide.
You really have to wonder how the nation managed to get through the Depression and just a few years later World War II.
You’ll never get hogs at the teat of government to ever break from base line budgeting.
Not every US senator can put their ankles behind their ears, Kammy...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.