Coronavirus panic has cost New York City $7.4 billion in lost tax revenue

I’ve been telling you guys this is the next shoe to drop. State and local governments were not making decisions with intellectually honest understandings of what the shutdown was going to do to their finances. We are looking at a situation where state and local governments are going to have seen a large fraction of their budgets evaporate in a matter of weeks.

Those are the funds that keep schools running. That pay for health care for Medicaid. That pay for police and fire departments. And it’s gone, gone, gone.

So what do they want to do? Push their losses onto federal taxpayers, as if their own taxpayers are not also federal taxpayers.

The coronavirus pandemic will cost New York City a projected $7.4 billion in lost tax revenue over the current and next fiscal year after the city shuttered businesses and ordered people to stay indoors to try to contain the outbreak, Mayor Bill de Blasio said Thursday. 

“That’s today’s estimate. We don’t know what the future brings, but that’s what we know right now and that’s a horrifying figure,” de Blasio said at a press conference. 

De Blasio urged Washington lawmakers to approve $500 billion in spending in the next stimulus bill with at least $150 billion of that going toward states, cities and local municipalities. 

My first rodeo with this mentality was the 2008 financial crisis. The only difference is this situation is way, way, way worse than that. But these same idiots were doing the same idiot things back then, so you can totally guess what they were thinking when they hatched this plan weeks ago. Nuke it bigly and then it won’t be our problem anymore, it will be Trump’s! And here we are.

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