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Due to lack of Federal Aid.

Source, Bloomberg news blip.

NYC earlier furloughed several thousand for 2 weeks including mayor deBlasio.


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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.


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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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Wait until those furloughed people all take early retirement and they have to start paying pensions from their unfunded pension accounts.


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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.


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Originally Posted by PaulBarnard
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.


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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.


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An 8 dollar driveway boy living in a T-111 shack

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Originally Posted by Rock Chuck
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?


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Originally Posted by Raeford
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.


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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.


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Originally Posted by Rock Chuck
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.


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I think it was Philly that I watched about 25-30 PO Po vehicles get destroyed within an hour?


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Originally Posted by Raeford
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.


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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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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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Originally Posted by Old_Toot
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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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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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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Originally Posted by SPQR70AD
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.


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