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2020-

2020-04-23 e
Viral News - Who Is Responsible?

CoVid 19: Suing Bill Gates For Economic Collapse??

The death spiral of state debt will be the next phase of the unconstitutional lockdown.   Sales tax revenue is near nonexistent, state income taxes dove into the abyss with rabid unemployment, and Governors across the country are demanding someone, anyone – bail them out because they haven’t a clue!

My own fair state, Colorado, enjoyed a robust economy, rising home values, and relatively low unemployment – we were singing in the rain.   But then our governor decided to let loose a hailstorm of golfball size proportions.   The debt clock is now showing arrears of $10 billion and growing – $11,724 per citizen.   Illinois is in the hole $23 billion.   Of course, New York is leading the pack with $58 billion and counting, while California is bringing in a close second of $43 billion.

The race is on to see which state can crumble and fall the hardest! Bookies are likely jammed with bets and odds as the horse round the final lap…

Under existing law, a state may not declare bankruptcy.   However, they can attempt to renegotiate their debts – most specifically the debt that eats every budget – pensions. Unfortunately, such a move would likely end up in the Supreme Court for years. And the death spiral would drag on.

Other desperate moves would be to attempt to restructure bonds, and yet again the obvious gas tax might become their only option. Of course, few people are driving, so the tax revenue would be pitiable at best.

Trump has played an interesting game of poker in all this by not mandating states to reopen, and instead provided guidelines thus entirely limiting Federal exposure. Thus the states, governors and mayors are accountable and responsible should class action lawsuits erupt.   If such actions did take place, the states and cities would likely defer all responsibility to the Health Departments and the various models being used to make assumptions of death, doom and mayhem. (read more)

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