Cities and states are facing a $1 trillion budget mess. There will be more trouble ahead.

Barron’s-MarketWatch/Leslie P. Horton and Stephen Kleege

graphic image of street sign showing the corner of Wall Street and Main Street USAG“’It’s worse because the revenue shortfall is uncertain and horrific,’ says [Volcker Alliance’s Richard] Ravitch, now a director of the Volcker Alliance, a nonprofit group that advises on effective government. ‘There’s an enormous loss of revenue going on, and we don’t know how long it will last.’ … The question now: How many municipal bond issuers—cities, states, and others—won’t be able to repay investors?”

USAGOLD note:  Another silent crisis brewing at the corner of Wall Street and Main ……

Repost from 8-29-2020

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