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States and cities continue to plunge into financial black hole

MAY 27, 2020 | INSURANCENEWSNET

Includes “… State and local spending represents nearly a fifth of GDP. Deep cuts could create a sizable drag on the economic recovery. Every dollar cut by states during the Great Recession reduced economic activity by $1.70, according to a Harvard study published last year. For that reason, officials at the Federal Reserve have called on Congress to offer fiscal aid. … Pain is prevalent everywhere. …”

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