Discover and read the best of Twitter Threads about #fiscaldoomsday
Most recents (1)
California's economy is hyper-cyclical: it outperforms the nation during periods of growth—but underperforms massively in a recession.
The California economy—and state budget—is about to get absolutely slammed.
pewtrusts.org/en/research-an…
The California economy—and state budget—is about to get absolutely slammed.
pewtrusts.org/en/research-an…
2/ At the same time as states are incurring huge costs responding to the pandemic public health crisis—they are facing cratering consumer and business activity because of the shutdown.
A large amount of regular tax revenue just got vaporized overnight
routefifty.com/finance/2020/0…
A large amount of regular tax revenue just got vaporized overnight
routefifty.com/finance/2020/0…
3/ Now for the *really* bad news
Prior to the market meltdown, state public pension plans were on average ONLY 72% funded—and about 40% invested in equities😬
According to Moody’s, a loss of just 6.2% in assets requires a 32% increase in contributions
routefifty.com/finance/2020/0…
Prior to the market meltdown, state public pension plans were on average ONLY 72% funded—and about 40% invested in equities😬
According to Moody’s, a loss of just 6.2% in assets requires a 32% increase in contributions
routefifty.com/finance/2020/0…
