States Losing Massive Amounts of Tax Revenue

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FGGAM MEDIA CENTER just received this report:

With states losing massive amounts of tax revenue while still having to support their residents during the coronavirus pandemic, the personal-finance website WalletHub today released its report on the States That Need the Most Financial Help Due to COVID-19, as well as accompanying videos.

Deficit Tracker

To identify which states may need the most financial help due to the coronavirus crisis, WalletHub compared the 50 states across 18 key metrics. Our data set ranges from the state’s rainy-day funds and debt per capita to the share of the workforce in highly-affected industries. Below, you can see highlights from the report, along with a WalletHub Q&A.

States That Need Most Financial Help States That Need Least Financial Help
1. Louisiana 41. Minnesota
2. Kentucky 42. Arkansas
3. Florida 43. Oregon
4. New Hampshire 44. Utah
5. New York 45. Wisconsin
6. Illinois 46. Nebraska
7. New Jersey 47. Vermont
8. Nevada 48. South Dakota
9. Michigan 49. Wyoming
10. South Carolina 50. Iowa

Key Stats

  • Alaska has the most unfunded pension liabilities as share of GSP, 65.70 percent, which is 4.6 times more than in Nebraska, the state with the fewest at 14.26 percent.
  • New York has the highest state and local debt per capita, $19,961, which is 5.3 times higher than in Idaho, the state with the lowest at $3,733.
  • Texas has the lowest reserve ratio, 0.31, which is 19.4 times lower than in Oregon, the state with the highest at 6.00.
  • California has the lowest small business loan amount approved in response to COVID-19 as a share of eligible payroll, 37.90 percent, which is 2.1 times lower than in Nebraska, the state with the highest at 80.70 percent.
  • Georgia has the highest unemployment claims increase since the beginning of the pandemic, 4769.85 percent, which is 4.3 times higher than in Oregon, the state with the lowest at 1107.89 percent.

To view the full report and your state’s rank, please visit:
https://wallethub.com/edu/states-that-need-most-financial-help-due-to-covid-19/74485/

Please let me know if you have any questions or if you would like to schedule a phone, Skype or in-studio interview with one of our analysts. Full data sets for specific states are also available upon request. In addition, feel free to embed this YouTube video summarizing the study on your website, and to use or edit these raw files as you see fit.

Best,
Diana Polk
WalletHub Communications Manager
(202) 684-6386

Q&A with WalletHub

How are state budgets affected by the coronavirus pandemic?

“Many states are experiencing budget deficits because they have spent an extraordinary amount of money fighting the COVID-19 pandemic while taking in far less tax revenue than normal due to business closings. States with deficits have been forced to cut funds from less urgent areas to fill their immediate needs,” said Jill Gonzalez, WalletHub analyst. “It is crucial for the federal government to take the predicament of state budget shortfalls seriously so that vital services like education do not receive sharp cuts and we can minimize the severity of the unintended consequences stemming from our response to the pandemic.”

Should the federal government provide additional aid to states?

“The federal government should provide additional aid to states during the coronavirus crisis, as the $765 billion given so far through the CARES Act and other programs only comes out to around $2,300 per U.S. resident. Though more proposals for federal aid are in the pipeline, it may be a long time before Congress agrees on anything,” said Jill Gonzalez, WalletHub analyst. “The federal government should consider providing additional support not just to states but to individual citizens as well, since 84 percent of Americans would like another stimulus check, according to a recent WalletHub survey, and extra money in the hands of consumers would add some more liquidity into local economies.”

Why does Louisiana need the most financial help during the pandemic?

“Louisiana needs the most financial help during the coronavirus pandemic in part because the state’s  rainy-day fund can’t sustain government operations for more than a few weeks, which leaves it unprepared to weather a budget crisis,” said Jill Gonzalez, WalletHub analyst. “Louisiana has seen the fifth-lowest rebound in tax revenues since the Great Recession, and it is one of only six states where tax revenue has never exceeded pre-recession levels. Since Louisiana doesn’t have an adequate rainy-day fund or extra tax revenue to fall back on, it needs more support from the federal government.”

Why does Iowa need the least financial help during the COVID-19 pandemic?

“One major reason why Iowa needs the least financial help during the COVID-19 crisis is that it is among the states most prepared for a severe recession. Iowa’s financial reserves would be able to make up for a higher percentage of the shock from a recession than the reserves of all but nine other states,” said Jill Gonzalez, WalletHub analyst. “Industries that have been highly impacted by the COVID-19 pandemic – such as arts, entertainment, accommodation and food services – make up a very small portion of Iowa’s GDP, so the state has not been hit as hard by business closures as many other states, either.”

From FGGAM MEDIA CENTER TODAY:

THE UNRAVELING OF AMERICA!

“The fact that fewer than one out of five born-again adults hold a biblical worldview highlights the extensive decline of core Christian principles in America,” George Barna

President Trump had to go into the bunker at the White House because of all the violence last night in D.C.

I live in a country that does not think their is ramification for bad behaviors like killing, killing babies, killing each other, rape, etc.. ….. America is falling Lord, I pray the people wake up. Is it too late Lord? Many have their blinders on Lord, they think all this evil will just go away……We are a divided nation…..Republicans and Democrats hate each other….they do not provide leadership, just hate. They fight and fight as America sinks.

I live in a country where people hire people to do do violent acts!!!??? JAIL TIME! THROW THE KEY AWAY!

There has to be a radical shift in America to JESUS CHRIST! NOT POLITICS! Politics has led to this chaos. I always look for the fruit? Where is it?

America is burning with hate and violence. All hell has broken loose. America has no peacemaker….only division makers and hate mongers. We have no leadership in our country. We are in the depths of hell. I have warned about this for years. All this hate speech is finally taking its toll. Hate is like pouring gas on a fire and this is what has happened. The killing of Mr. Floyd is what ignited the final match. America was already in the midst of a hate war with the pandemic. People fighting over everything from masks to opening up states. We fight over everything. Unemployment is at the Great Depression Level. 40 million unemployed and climbing? Federal Deficit could fill all oceans with red ink, The people of been forgotten, the peoples business goes undone. WE HAVE ALLOWED THIS TO HAPPEN! Many in America do not know Jesus, many that do, speak too much hate, which in my book is not a Christian.

Many have thrown this command of Jesus into the trash……..A new commandment I give to you, that you love one another:
just as I have loved you, you also are to love one another.
 
By this all people will know that you are my disciples,
if you have love for one another.
John 13:34-35

Last week a Christian lady attacked me because I said “America does not have a peacemaker” America does not, many do not know JESUS! America needs a peacemaker that will bring people together such as Martin Luther King Jr., John F. Kennedy, Robert Kennedy, people that will take a peaceful stand like Rosa Parks. Many Churches in America have failed to carry out the Great Commission.

Years ago a friend of mine from another country said, You Americans need missionaries to come to your country and share Jesus…”

The World is watching us burn……..

All Hell Breaks Out in ABQ

Fires light up Washington D.C. on third night of George Floyd protests
Sunday evening’s demonstrations began peacefully but deteriorated into firecrackers, tear gas and multiple fires

Read in The Guardian: https://apple.news/AqsZbHKM4Sf6ufu8j5Vx-Uw

Dr. Jim Denison:

Last night, cities across America saw a sixth evening of mass demonstrations following Mr. Floyd’s death. The entire Washington, DC, National Guard was called in to respond to protests outside the White House and elsewhere in the nation’s capital. A tanker truck drove through thousands of people who were marching on a Minneapolis highway, though none of the protesters was injured. At least forty cities have imposed curfews.

POLICE ARREST 150; DRIVER WHO BARRELED INTO CROWD HELD

4:55AM
Hundreds in downtown Minneapolis ignored the curfew and were met with police lines and tear gas. Earlier, officials warned of continued arson attacks, after several caches of flammable materials were found in neighborhoods.

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