By Larry Bell ~
The COVID-19 pandemic is disproportionately infecting the already chronically ailing fiscal health of Democrat-run states and cities that are least positioned to recover any time soon, if at all.
Former New York state lieutenant governor Richard Ravitch, now a director of the Volcker Alliance, observed that budget ravages of the global financial crisis and years of fiscal denial in 2009 doesn’t compare with the toll that COVID-19 is inflicting on municipal finance because this time, revenue shortfall is horrific. “There’s an enormous loss of revenue going on, and we don’t know how long it will last.”
Massive business shutdowns and huge numbers of people either unemployed or working from home are draining operating budgets and prohibiting existing debt repayments from many vital revenue sources.
Included are sales, income, real estate and gasoline taxes, bridge and tunnel tolls, airport fees, and public transit fares.
After receiving a…
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