I’m So Old …


… I remember when they taught this sort of stuff in ECON 101.

What happens when people are out of work and lots of stores are closed? Income tax and sales tax revenue drops. Bloomberg is reporting that New York’s tax collections have dropped by over two-thirds. Meanwhile, over on the left coast KPIX reports that Governor Hairgel is proposing pay cuts for California state workers because state revenues are down over 20 percent.

As the old Russian proverb says, “Го́лой овцы́ не стригу́т. (One doesn’t shear naked sheep.)” I suspect that we’re about to see a large portion of the bureaucracy begin to favor an expeditious reopening of the economy.