They’re Dead Jim

2020 August 18
tags:
by drdog09

And what is dead you ask? Why the major metropolitan areas. LA, SanFran, NYC, Chi, Dal, Mia. The CoVid virus was the trigger but the fact is the metros have been a fuel laden area ripe for a wild fire. And fire it is. Portland, Seattle, Chicago, New York are roiled in AntiFA antics, police being defunded and fires literally being set in many Metros.

As a consequence that are some stark facts underway –

  • People are moving out. Everyone from middle class up who are portable are moving out.
  • More importantly, the very wealthy are making their moves away from high tax districts.
  • That has triggered politicians like Coumo and Lightfoot to beg that businesses not move or worse please return.
  • Housing prices and rental rates in multiple metros have collapsed.
  • The more experienced police staff that have pensions are taking them and walking off. Retention and hiring rates are down significantly.

But all those issues are solvable but the next combination is not, its time dependent. Singular factor is debt load. The majority of these metros are up to their eyeballs in bond debt. Under current law these costs are not dis-chargeable. But wait, the revenue to pay those bondholders is disappearing at a frantic rate. Examples are a per capita level –

Chicago’s combined Taxpayer Burden: $119,110

New York City’s combined Taxpayer Burden: $85,600

Los Angeles’ combined Taxpayer Burden: $56,390

Philadelphia’s combined Taxpayer Burden: $50,120

San Jose’s combined Taxpayer Burden: $43,120

San Diego’s combined Taxpayer Burden: $35,410

Dallas’ combined Taxpayer Burden: $33,490

Houston’s combined Taxpayer Burden: $22,940

San Antonio’s combined Taxpayer Burden: $16,660

Phoenix’s combined Taxpayer Burden: $13,290 ​​​​​​

So if I was a resident of NYC and lost all ties, or not for that matter, it might be worth considering bugging out. I relieve myself without penalty of shouldering nearly $90k of debt as the resident tax donkey. Technology exacerbates that problem to a certain extent. If your job does not require ‘touch’, plumber, doctor, sales associate, then you can work anywhere there is a Internet connection and a willing employer. Thanks to CoVid there are thousands of employers willing to permit remote work.

Solutions? Well for California they think the answer is yet more TAXES! They are pondering a wealth tax on, humph, the wealthy. We all know how that goes. (Considering the proposal I don’t understand why Silicon Valley is not already a ghost town.) Pelosi is attempting to strong arm for relief to the cities with a Christmas tree tax bill on top of the last emergency funding program. There has even been a suggestion of a debt jubilee. Doubtful in my view as this would crash the markets. Followed by a run on the dollar and ultimately loss of reserve status.

What’s left? Might I suggest – take over. The services tied to the bond revert to the bond pool and they end up as trustee running them. In severe cases the bond holders as a class literally take over the municipal comptrollers function and hold veto power over the mayor and city councils.

Hard times require hard choices.

21 Responses leave one →
  1. 2020 August 18 6:21 am
    [1]
    drdog09 permalink

    It will be interesting to see how this all shakes out. The ‘Burbs if you watch the clashes with the Progs is —

    ‘Burbs – 3
    Progs – 0

    The cities were not so lucky. So far none of them have been winning, as they think appeasing the Progs is the answer which it is not.

  2. 2020 August 18 6:55 am
    [2]
    justrand permalink

    Excellent post, drdog…and splendid analysis.

    The Democrat Mayors and Governors across the country are absolutely counting on BidenHarris to bail them out. Pelosi has essentially promised this.

    Will the rest of America sit by and let the Democrats destroy the economy to “save” the cities? Dunno. One problem the suburban/rural areas have is that we don’t do mobs well.

  3. 2020 August 18 7:00 am
    [3]
    fight on permalink

    I have been in the printing industry for over 40 years. I was traveling yesterday because I was printing a job out of town. So much in my industry has collapsed in the past 30 years. The post office has been an obstacle rather than a partner.

    They constantly change direct mail requirements and do a terrible job of communicating the changes.

    Below is an industry white paper regarding catalogs and direct mail.

    https://whattheythink.com/articles/102014-mail-volumes-plunge-age-covid/?utm_source=newsletter1&utm_medium=email&utm_campaign=daily

  4. 2020 August 18 7:08 am
    [4]
    justrand permalink

    The media covered for Obama and Clinton for decades…and continues to do so.

    http://americanthinker.com/articles/2020/08/obama_i_make_love_to_men_daily.html

  5. 2020 August 18 7:27 am
    [5]
    bc3b permalink

    Fight On #3 –

    Like me you’ve seen a lot of changes – artists using computers rather than working by hand, no more typesetters, no more color seperaters. It’s a changed world in printing, graphics and advertising. I remember the olden days, when I worked at MacGregor. We had about 20 football helmets with the basic colors in a 4″ x 4″ area in our athletic catalog. When you tried to make the purple helmet less red, the red helmet became more orange.

  6. 2020 August 18 7:30 am
    [6]
    bc3b permalink

    drdog09 – Free stuff really isn’t free. Someone has to pay for it – usually the working class.

    That’s the message Trump needs to get to the voters.

  7. 2020 August 18 7:59 am
    [7]

    https://mynorthwest.com/2097219/kim-wyman-november-2020-election-results-late-november/
    —-
    BS.. If they ran things the same as 2016 and 2018 there should be little to no difference than then. This is a state that was already 90% vote by mail as of last cycle to begin with before this, just like OR who’s been 99% for the last 3 or 4 cycles. Is there not one “journalist” that will challenge the SoS on that statement as I notice the author Nick Bowman didn’t even bother mentioning it or what’s so different this time around?

  8. 2020 August 18 8:08 am
    [8]

    Sadly the lib-virusvoters are just spreading out, as most of the uninfected\sane had already migrated out of these area prior to the current doubling down on madness.

  9. 2020 August 18 8:48 am
    [9]
    JimNorCal permalink

    Terrific post!
    Both Illinois and California are experimenting with flavors of “leaving” taxes to get people going out the door. I predict they will fail.

    regarding WuFlu:
    A good roundup piece recommended by Instapundit.com
    The blogger draws on expert testimony to predict that Covid will be, for all intents and purposes, over for the US by Aug 25th.
    https://jbhandleyblog.com/home/2020/7/27/lockdownlunacythree

    The piece emphasizes that instead of shutdown, we should protect the vulnerable and carry on.
    One of the coolest bits of evidence he presents is this article:
    An outbreak of common colds at an Antarctic base after seventeen weeks of complete isolation–
    six of seventeen men wintering at a base in Antarctica got sick with a cold (coronavirus) “after 17 weeks of complete isolation.”

    me: Got it? Flu viruses are weird and random and can lie dormant for a long time. No shutdown will help. The moment you loosen up the cases rise again. Just get it over with.

  10. 2020 August 18 9:14 am
    [10]
    drdog09 permalink

    9,

    Yep, the ole trope of ‘bend the curve’ has been and gone months ago. Everything now is a mind game.

  11. 2020 August 18 9:17 am
    [11]
    drdog09 permalink

    5,

    ‘Typesetters’ last I heard that word probably 5 years ago. A retiree down the block was rebuilding one, had been in the business eons. Damn complex looking device.

  12. 2020 August 18 9:26 am
    [12]
    drdog09 permalink

  13. 2020 August 18 9:44 am
    [13]
    Eph permalink

    12 DR

    Why is it still virtual?

    Makes no sense

  14. 2020 August 18 9:55 am
    [14]
    bc3b permalink

    drdog09 #12 –

    Look who else is speaking at the GOP convention:

    https://www.wlwt.com/article/nick-sandmann-to-speak-at-republican-national-convention/33632975

  15. 2020 August 18 9:58 am
    [15]
    drdog09 permalink

    Eph,

    2020 has made no sense. Its go with the flow I guess.

  16. 2020 August 18 10:03 am
    [16]
    bc3b permalink

    drdog09 #11

    In college I was on the staff of the Varsity News, the school’s newspaper. It was printed by the Highland Parker, a paper that served a suburb surrounded by the city of Detroit. Sometimes I drew the duty of going to the newspaper, which had a printing press on its premises, to make final edits. The paper used “hot type” (metal). If an article ran too long, I had to shorten it and the pressmen had to reset the paragraphs I shortened. The same was true of the paragraphs I had to lengthen on articles that were too short. I spent a number of evenings doing that between 10 PM and 2 AM.

  17. 2020 August 18 10:49 am
    [17]
    drdog09 permalink

    If you have not seen this campaign add, you should — https://www.powerlineblog.com/archives/2020/08/rebellion-in-baltimore.php

  18. 2020 August 18 11:23 am
    [18]
    JBoz permalink

    Anyone here watch the DNC virtual convention?

    If you wisely missed it, let me summarize it like this: It was the Woodstock of white guilt.

  19. 2020 August 18 11:43 am
    [19]
    JimNorCal permalink

    17, I “saw” it but didn’t click.
    Now I clicked and actually watched it. Awesome.

  20. 2020 August 18 11:45 am
    [20]
    JBoz permalink

    17, gotta say…nice legs, even better message.

  21. 2020 August 18 3:56 pm
    [21]
    drdog09 permalink

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