effectively bar commercial real estate tenant evictions. Landlords and lenders throughout the country are forbearing for lack of any real alternatives.
And the trouble doesn't stop at the household or business level, our state and local governments are also hemorrhaging cash as tax revenues plummet. Thestates and localities will lose revenues and fees of $188 billion in 2020, $189 billion in 2021, and $167 billion in 2022, as a result of the present crisis.
But the US government never "became Greece." Because – unlike Greece and the other members of the Eurozone – the US doesn't tax, borrow or spend in a currency that we don't "print." Poor Greece's only option beyond the kindness of neighbors was "Grexit" which would have returned the country to its own currency — the drachma.
You might think that this column will end with a plea for bailouts. But that's not where I am going. What we need is the same type of "bail-ins" that the Eurozone creditors ultimately afforded Greece. We made the grievous error of bailing out banks during the last crisis, bringing on enormous popular ire – in the form of the Tea Party movement among other things.
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