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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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OP
Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Due to lack of Federal Aid.
Source, Bloomberg news blip.
NYC earlier furloughed several thousand for 2 weeks including mayor deBlasio.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Jan 2012
Posts: 26,620 Likes: 4
Campfire Ranger
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Campfire Ranger
Joined: Jan 2012
Posts: 26,620 Likes: 4 |
While it won't be on the scale of NYC this is going to be happening all over the country[including municipalities that operate on a balanced budget year after year]. Tax revenues are down everywhere, municipalities may actually have to say NO to new spending......nah, most won't.
FJB & FJT
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Joined: Oct 2004
Posts: 26,627 Likes: 20
Campfire Ranger
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Campfire Ranger
Joined: Oct 2004
Posts: 26,627 Likes: 20 |
We have yet to see the full economic impact of the COVID shutdowns. Municipalities are relying heavily on last year's tax receipts. New Orleans has taken a massive blow. It is an event and tourist driven city. Events aren't happening and tourism is way down.
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Joined: Jan 2006
Posts: 69,486 Likes: 18
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2006
Posts: 69,486 Likes: 18 |
Wait until those furloughed people all take early retirement and they have to start paying pensions from their unfunded pension accounts.
“In a time of deceit telling the truth is a revolutionary act.” ― George Orwell
It's not over when you lose. It's over when you quit.
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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OP
Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Liberal cities are gonna have it rougher and not necessarily from Covid.
Destroyed infrastructure from riots that the Federal government won’t ante up for is gonna hurt. It’s gonna ding the citizens of those states also when taxation increases to cover those losses.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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OP
Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
We have yet to see the full economic impact of the COVID shutdowns. Municipalities are relying heavily on last year's tax receipts. New Orleans has taken a massive blow. It is an event and tourist driven city. Events aren't happening and tourism is way down. Yep. Like the empty Superdome at the Saints game. The WW 2 Museum is back open.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Jan 2012
Posts: 26,620 Likes: 4
Campfire Ranger
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Campfire Ranger
Joined: Jan 2012
Posts: 26,620 Likes: 4 |
My little hometown[36K pop] relies heavily on tourism $$'s via hotel & meals tax. Within the towns borders are most of the restaurants & hotels used by Virginia Tech visitors for business and sporting events of which there have been none for 6 months nor much if anything planned through the rest of the year. Rumors of furloughs are rampant.
FJB & FJT
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Joined: May 2011
Posts: 56,359 Likes: 9
Campfire Kahuna
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Campfire Kahuna
Joined: May 2011
Posts: 56,359 Likes: 9 |
_______________________________________________________ An 8 dollar driveway boy living in a T-111 shack
LOL
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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OP
Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Wait until those furloughed people all take early retirement and they have to start paying pensions from their unfunded pension accounts. RC, I had read a while back in one of the Investment type magazines that unfunded pension insurance could only cover 1$ of every 16$ outstanding, unfunded. Ya reckon some Muni Bond offerings are being planned?
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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OP
Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
My little hometown[36K pop] relies heavily on tourism $$'s via hotel & meals tax. Within the towns borders are most of the restaurants & hotels used by Virginia Tech visitors for business and sporting events of which there have been none for 6 months nor much if anything planned through the rest of the year. Rumors of furloughs are rampant. And that’s without riots there in that financial equation.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Jan 2006
Posts: 69,486 Likes: 18
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2006
Posts: 69,486 Likes: 18 |
I'm drawing a Teamsters union pension. I worked there just long enough to be vested but not long enough for a full check. There are a number of different Teamster conferences and some are in deep do-do with their pension accts. Mine is fully funded and it's looking good for the long haul.
“In a time of deceit telling the truth is a revolutionary act.” ― George Orwell
It's not over when you lose. It's over when you quit.
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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OP
Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
I'm drawing a Teamsters union pension. I worked there just long enough to be vested but not long enough for a full check. There are a number of different Teamster conferences and some are in deep do-do with their pension accts. Mine is fully funded and it's looking good for the long haul. Unless they decide to “invest or loan” on your account.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Jan 2012
Posts: 26,620 Likes: 4
Campfire Ranger
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Campfire Ranger
Joined: Jan 2012
Posts: 26,620 Likes: 4 |
I think it was Philly that I watched about 25-30 PO Po vehicles get destroyed within an hour?
FJB & FJT
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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OP
Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
I think it was Philly that I watched about 25-30 PO Po vehicles get destroyed within an hour?
Baltimore, Atlanta, Ferguson, St. Louis,Portland, Seattle, New York,,,we could list for the better part of the day. The bills for that allowed bullscchitt are gonna come due and we haven’t touched the personal business losses that many insurance companies don’t cover for reasons of war, riots or insurrections.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Feb 2010
Posts: 16,142 Likes: 3
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 16,142 Likes: 3 |
When I plant corn, corn usually comes up.
These are the results of planting a democrat government in one’s city.
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Joined: Jan 2002
Posts: 10,612 Likes: 1
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
Posts: 10,612 Likes: 1 |
This is a good thing because there is no doubt that they are over staffed and now their employees will have to actually do work.
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Joined: Dec 2017
Posts: 4,576
Campfire Tracker
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Campfire Tracker
Joined: Dec 2017
Posts: 4,576 |
Due to lack of Federal Aid.
Source, Bloomberg news blip.
NYC earlier furloughed several thousand for 2 weeks including mayor deBlasio. I promise you this is a ploy to come right around and blame all this "hardship" on Trump. The city has been bankrupt for years and is only looking a federal bailout. Also I bet the major is really suffering. He's probably having to dip into his savings to pay the monthly bills and cut back on the finer things in life. These people make me sick!
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Joined: Jul 2020
Posts: 1,294
Campfire Regular
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Campfire Regular
Joined: Jul 2020
Posts: 1,294 |
in my town in NY and I say most towns and villages fund themselves by floating bonds. they cant paint a door in the schools without putting up a bond. last year to cover cops and teacher expenses they floated 30 year bonds. your grandkids will be paying for public workers who are working now
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Joined: Jan 2004
Posts: 4,599 Likes: 5
Campfire Tracker
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Campfire Tracker
Joined: Jan 2004
Posts: 4,599 Likes: 5 |
They are all waiting for Biden to be elected and then the helicopters will be carpet bombing all of these cities with our federal dollars.
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Joined: Nov 2003
Posts: 28,411
Campfire Ranger
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OP
Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
in my town in NY and I say most towns and villages fund themselves by floating bonds. they cant paint a door in the schools without putting up a bond. last year to cover cops and teacher expenses they floated 30 year bonds. your grandkids will be paying for public workers who are working now Not really. Municipalities can claim bankruptcy and simply default on the Bonds. States cannot do so.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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