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Coronavirus-Hit State Budgets Create a Drag on U.S. Recovery

Greenbeard

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So if we had to put a valuation on GOP opposition to state/local aid, it would be 3 percentage points lower growth and 4 million people out of work. This is the concession they're demanding before they will release the aid to the American people the Dems passed three months ago.

Coronavirus-Hit State Budgets Create a Drag on U.S. Recovery
WASHINGTON—Spending cuts by state and local governments grappling with the coronavirus pandemic pose a headwind to the U.S. economic recovery as lawmakers consider how much federal aid to provide.

State and local governments reduced spending at a 5.6% annual rate in the second quarter as they laid off workers and pulled back on services to offset plunging tax revenues. More cuts are on the way.

Moody’s Analytics estimates that without additional federal aid, state and local budget shortfalls will total roughly $500 billion over the next two fiscal years. That would shave more than 3 percentage points off U.S. gross domestic product and cost more than 4 million jobs, said Dan White, head of fiscal policy research at Moody’s.

Shorter GOP: "Defund the police!"
 

AliHajiSheik

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So if we had to put a valuation on GOP opposition to state/local aid, it would be 3 percentage points lower growth and 4 million people out of work. This is the concession they're demanding before they will release the aid to the American people the Dems passed three months ago.

Coronavirus-Hit State Budgets Create a Drag on U.S. Recovery


Shorter GOP: "Defund the police!"

Which bill are you advocating for to aid states? I see several with different language.
 

bluesmoke

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So if we had to put a valuation on GOP opposition to state/local aid, it would be 3 percentage points lower growth and 4 million people out of work. This is the concession they're demanding before they will release the aid to the American people the Dems passed three months ago.

Coronavirus-Hit State Budgets Create a Drag on U.S. Recovery


Shorter GOP: "Defund the police!"



Trump will do His best to make sure financial aid goes to the best run states, the Red states, hit economically by the virus rather than bail-out the poorly run before the virus hit Blue states. Time to privatize the Bureau of Engraving and Printing.
 
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