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After the Coronavirus: States Will Remain Unable to Print Money
Townhall.com ^ | April 5, 2020 | Hank Adler

Posted on 04/05/2020 7:58:57 AM PDT by Kaslin

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1 posted on 04/05/2020 7:58:57 AM PDT by Kaslin
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To: Kaslin
Over half of California’s income taxes have historically been paid by that very small percentage of taxpayers earning over $500,000 per year.

And these high-earners tend to be people who actually produce output and jobs, like professionals, tech executives, and business owners. The multi-millionaires the Left likes to pretend to target pay very little income tax because they don't have earned income - and when they do, they know how to report it in Florida or Nevada rather than California.

2 posted on 04/05/2020 8:04:59 AM PDT by Mr. Jeeves ([CTRL]-[GALT]-[DELETE])
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To: Kaslin

Not having physical money will be a disaster. Everything will be fine with electronic cash up until it’s not. You can have millions in the system but.... Power goes out, you can’t buy. The server is down, you can’t buy. You complain about the wrong thing, you can’t buy. Every transaction would be recorded. Eat too much ice cream, you can’t buy because the health insurance board says so. Your car uses too much gas, you are shut off. No good will come of this.


3 posted on 04/05/2020 8:05:06 AM PDT by Dutch Boy
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To: Kaslin

Buy a printing press and issue Blue Backs.


4 posted on 04/05/2020 8:05:22 AM PDT by BipolarBob (Don't cough on your keyboard because everybodys virus protection may not be updated.)
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To: Kaslin

Have you noticed we haven’t heard a peep out of Chicago? Wonder how they are going to handle the lack of income with all of the cushy jobs and retirements they used to buy votes with.


5 posted on 04/05/2020 8:06:11 AM PDT by ArtDodger
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To: Kaslin
"No state and no city can print money"

AHA!

This is why nasty Nazi Nancy's nephew Newsom keeps referring to California as "The Nation-State of California"!

6 posted on 04/05/2020 8:06:41 AM PDT by null and void (By the pricking of my lungs, Something wicked this way comes ...)
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To: Kaslin

Actually, it is perfectly LEGAL for American states, and any banks, and even private individuals to print their OWN money. One just cannot counterfeit United States currency. The PROBLEM would be getting people to ACCEPT California’s shakey currency.


7 posted on 04/05/2020 8:06:43 AM PDT by 2harddrive (Go to www.CodeIsFreeSpeech.com for 10 FREE 3D-printer gun blueprints!)
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To: Dutch Boy

“so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name.”


8 posted on 04/05/2020 8:07:27 AM PDT by BipolarBob (Don't cough on your keyboard because everybodys virus protection may not be updated.)
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To: Kaslin

Those of you outside will see this jackass soon. He is Pelosi’s nephew and WILL be running for the presidency. Everything he does is strong arm. He has referred to himself on more than one occasion as the Tsar. He seeks absolute power over everything.


9 posted on 04/05/2020 8:08:25 AM PDT by rey
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To: Kaslin

Every corner of this country will.have to grapple with this.

With the shutdown of economic activity, sales tax revenue, state income tax revenue, and gas tax revenue everywhere, is cratering.

Can you imagine a trillion dollar bailout from Washington, to bail out all 50 states and numerous big cities? This could be on the horizon.


10 posted on 04/05/2020 8:09:42 AM PDT by Dilbert San Diego
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To: ArtDodger

Yeah, what is it with Chicago? Detroit is in the news daily, almost hourly, but not a peep from Obama’s “village.”


11 posted on 04/05/2020 8:09:48 AM PDT by madison10 (Wash your hands & say your prayers cause Jesus & germs are everywhere)
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To: Kaslin

Thus us news to Albany.

Folks should see NYS’s new budget...


12 posted on 04/05/2020 8:10:00 AM PDT by mewzilla (Break out the mustard seeds.)
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To: ArtDodger

If you want an idea of how Chicago is doing, spend some time at this link...

http://secondcitycop.blogspot.com/?m=1


13 posted on 04/05/2020 8:11:22 AM PDT by mewzilla (Break out the mustard seeds.)
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To: mewzilla

I think Cuomo said something recently, about how he had a 7 billion dollar hole in his projected budget. There are huge financial impacts of everything happening due to this virus.


14 posted on 04/05/2020 8:13:39 AM PDT by Dilbert San Diego
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To: Dutch Boy

Next step is to get advance approval of your written opinions from the secretariat of truth


15 posted on 04/05/2020 8:14:48 AM PDT by ConservativeDude
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To: Kaslin

I predict that states will, to the extent possible, issue bonds to get the cash to balalnce their budgets.

How these bond issues are received in the financial marekts is another story. But it will be politically difficult to impose big tax increases. So the path of least resistance will.be to sell bonds, and kick the can down the road.


16 posted on 04/05/2020 8:17:19 AM PDT by Dilbert San Diego
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To: Kaslin

They can print money. They cannot mint coins.

Just sayin’.


17 posted on 04/05/2020 8:17:59 AM PDT by Vermont Lt
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To: Kaslin

Confusing headline. States are constitutionally forbidden from printing currency.


18 posted on 04/05/2020 8:21:52 AM PDT by Jim W N (MAGA by restoring the Gospel of the Grace of Christ and our Free Constitutional Republic!)
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To: Dilbert San Diego
With the shutdown of economic activity, sales tax revenue, state income tax revenue, and gas tax revenue everywhere, is cratering.

Well then, I guess they better find a way to cut spending. Of course that's NEVER discussed.

19 posted on 04/05/2020 8:25:30 AM PDT by unixfox (Abolish Slavery, Repeal the 16th Amendment)
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To: 2harddrive
"Actually, it is perfectly LEGAL for American states, and any banks, and even private individuals to print their OWN money. One just cannot counterfeit United States currency. The PROBLEM would be getting people to ACCEPT California’s shakey currency."

The rubber hits the road when you pay federal income tax. U.S. dollars only.

20 posted on 04/05/2020 8:28:52 AM PDT by MV=PY (The Magic Question: Who's paying for it?)
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