The biggest of all the bigger financial issues around the economic shut-down will ultimately come down to a battle this spring/summer over a massive bailout for state governments to replace their missing revenue. States like California, New Jersey, Illinois, Connecticut & New York have been struggling with financial issues for years.
“You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.” ~ Rahm Emanuel
Long before the Wuhan Virus those states were near financial collapse. The only thing keeping them afloat was as expanding economy, and new revenue as a result of President Trump’s economic policies (making bigger pies).
The economic shut-down in those specific states makes their preexisting financial trouble exponentially worse.
Not only will CA, NJ, IL, CT and New York demand a bailout, a very massive bailout to cover their revenue shortfall, but they will almost certainly use the wuhan virus as an excuse to cover and bail-out preexisting budget deficits. Governor Andrew Cuomo hinted toward his intention weeks ago. He sees this as an opportunity to get federal money.
So when Senate Majority Leader Mitch McConnell throws a bucket of ice water in the face of blue state governors who were anticipating to “make money” by forcing the country to subsidize their overindulgent spending habits, obviously Cuomo is apoplectic. WATCH:
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