. It would allow the state to borrow up to $9.9 billion because of the crisis, Sweeney and Coughlin announced.\——————————————————
and who would they borrow it from?
They could do like a previous (D) governor here in KY did.
Borrow it from the teacher's retirement fund with a promised payback at 7% interest. That way the fund becomes magically solvent because of the ridiculous interest rate return. And the state has to borrow money later to pay back the borrowed money. It is clearly insane to borrow money via 20 year bonds to finance a budget hole in a single year's budget.
Anyone see a pattern here?
These states can’t hope to attract new businesses, and have a difficult time keeping existing ones, because everyone knows these bills have to be paid. Moving here is just buying a share in a massive IOU, and it can’t be concealed.
I’ve described in the past the situation in NJ, where much of the current revenues are paying for goodies for employees who retired decades ago; now they are going to pay for goodies for people who for the most part had (and will continue to have) paid furloughs.