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