Monday, November 30, 2020

The Deteriorating Financial Condition of America: States Are Now Taking Out Loans to Pay Their Unemployed

Twenty states have now taken out loans to pay their unemployed.

The total loan amount ($40 billion) is already as high as it was in 2010 in the aftermath of the Great Recession.

From the just-released GAO report:

The lockdown of huge portions of the United States economy because of a virus that is not of serious consequence to 99% plus of the population is mad.

The most severe financial repercussions are still to come.


(via Heather Long)


  1. I just saw a tweet (or something) posted on Facebook by Anthony Davies from Duquesne University who said that the CBO estimates the lockdowns will cost $15 trillion, which according to Davies, is enough to purchase the entire country of Spain.

  2. With the Federal government as your surety/guarantor, what State wouldn't eagerly take out risky loans?