Jobless Claims not Receding
Today is the beginning of the year end for most US states; it will be very interesting to see what happens as their budgets have stimulus money factored into it.
With cities like Maywood, CA firing all employees, Oakland, CA cutting 10% of the police, and states like NY threatening to lay off tens of thousands, there might actually be some movement in the chaotic world of public finance.
I recently saw an article as to how great municipal bonds are because defaults are so rare and ratings are so high. What nonsense! Municipalities commonly do not follow GASB guidelines for reporting their finances, so what you find must be closely examined to make sure that they are: 1) up to date and 2) complete.
Cities are part of the great financial meltdown, and the fiscal year will shine a cold hard light on what many have been hiding or at least minimizing for years.
With jobless claims just released and numbers increasing it doesn’t look good going forward.
