Most state and local governments approach the end of the 2020 fiscal year on June 30, and by now many have estimated revenue losses and have determined where to cut the budget to achieve balance by the end of the… Continue Reading →

Unemployment insurance (UI) claim filings were eye-popping this week, but not surprising.  A full stop of virtually all non-essential activities in most states also puts a full-stop on revenues from those activities.  The quickest way to conserve cash for companies… Continue Reading →

Where are the Testing Kits, Respirators and Protective Gear? What is the Defense Production Act (DPA)? Did Trump activate it? You might be surprised that Congress has authorized the DPA 50 times since its enactment during the Truman administration including… Continue Reading →

As more states call for a complete cessation of non-essential activities, the Bureau of Labor Statistics (BLS) Leisure and Hospitality (LH) sector has essentially shut down.  This category includes all arts, entertainment and recreation as well as accommodation and food… Continue Reading →

Two studies of the 1918-19 influenza pandemic were published in 2007; each reviewed the “non-pharmaceutical” actions of cities in the United States.  The focus of both studies were virtually identical, each asking, in the absence of vaccines or anti-viral medicine,… Continue Reading →

Recent dramatic declines in the value of equity markets (and more recently, fixed income) are likely to show up in weaker public pension funding ratios as plans begin to disclose their returns.  To be sure, some plans incorporate asset value… Continue Reading →