Sunday, March 22, 2020

Coronavirus Thoughts Week 2

The current United States statistics of Covid-19, the Chinese flu strain is 26,900 cases with 348 deaths.  That is roughly at 1.3% death rate.  Since it is difficult to obtain pure data on this virus from any source it seems that many of the deaths are older people who may have had some medical issues prior to getting the virus.
Connecticut has taken many extreme steps to combat the virus including closing many businesses and limiting what certain businesses can do such as restaurants take out/drive thru only, etc.   A decree of what can be deemed essential businesses remaining open during this crisis is supposedly coming forth today Sunday 3/22/2020.  This will continue to cause economic destruction in our state economy.  Governor Lamont is going to use the state's $250 million dollar rainy day fund that in my opinion will be woefully inadequate for this crisis while the state's ability to borrow money becomes less and less as the state has over $140 billion dollars in short and long term debt along with unfunded liabilities already.  The new budget deficit due to the massive amount of unemployment claims along with a downturn in sales tax revenues (including the ten cent plastic bag tax) will be enormous.  I can see a $3 to $5 billion dollar budget deficit for the end of this fiscal year along with the new fiscal year of 20-21.  It is interesting to note that Governor Lamont has not requested any cuts in state spending from any agencies to put all efforts into saving the state economy.   We have spent an enormous amount of time and money in lobbying for tolls especially for trucks.  It is interesting to see how badly we need trucks at this time to transport our essential goods to our remaining economy.  Governor Lamont has also given towns and cities to pass their own budgets without public input and set their own tax rates.  How this is constitutional is beyond me?
Obviously Connecticut's economy may get worse first before getting better.  It seems to be extreme in my opinion and is taking away a great deal of our personal freedoms.  
I will repeat from last week's column.
Do not fear.
We will overcome this crisis as we have the others.  All will be well in our country.
Psalm 46:1 "God is our refuge and strength, an ever-present help in trouble."
Words to live by.

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