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Corona virus and credit reports

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Little bit of local gallows humor - Good news, bad news. Good news - the homicide rate is way down for March. Bad news - Now its older people dying from COVID-19

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Posted (edited)
Quote

Indiana’s finances taking big blow during pandemic

Indiana’s finances are taking a major hit from the coronavirus crisis, and it still remains to be seen how big the damage will be.

The virus continued to spread Monday, with the state’s tally of cases rising by 273, to 1,786, including 35 people who have died, health officials said.

Unemployment claims have skyrocketed with business and factory closings in the past couple weeks, along with less retail spending expected to mean a sizable hit to sales tax revenue. A three-month delay in the normal April tax filing deadline will mean less income at a time of heightened public health spending.

Perhaps $1 billion will have to be spent from the state’s $2.3 billion in cash reserves to get through the budget year that ends June 30, Gov. Eric Holcomb said Friday.

The federal coronavirus economic relief package approved by Congress last week dedicated $150 billion for state and local governments, with at least $1.25 billion for the smallest states. Indiana officials haven’t yet said how much they anticipate the state will receive.

“The federal stimulus is going to help us get through this health crisis, this financial adverse impact that is coming from the virus,” Holcomb said. “We’re going to have to deal with it. We have to deliver services on a month-in, month-out basis. That surplus is going to help us do that.”

Officials had projected that the state would collect nearly $2.2 billion in April, as the biggest revenue month of its anticipated $16.8 billion in revenue for the year.

Office of Management and Budget Director Cristopher Johnston, Holcomb’s top fiscal adviser, said income tax collections in April could be down 50% with the tax filing deadline delayed until July.

Some $50 million a month in gambling taxes won’t be coming in with the state’s casinos shut down. Officials have said they don’t know how much of a decline they’ll see in the roughly $700 million a month the state collects in sales taxes, which is the state government’s largest revenue source.

Every state in the union will have a similar situation, some (Illinois) worse than others. Luckily we have a decent cushion to get through this year. Illinois will likely need to issue more junk bonds to get through the year.

 

ETA: Just reported - Illinois expects to be $8 Billion short this fiscal year compared to projections. California expects to exhaust its $21 Billion revenue surplus fund and then some. NJ sent out warnings to bondholders of dire financial circumstances ahead with revenue shortfalls and anticipated legacy pension costs.

Edited by IndyPoolPlayer

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CDC issued new guidelines that infected persons can spread coronavirus 2 days before any symptoms show up. This is going to make tracing (when testing allows) harder and social distancing even more important.

 

Also, some new evidence of aerosol spread. Shouting and singing may exacerbate it.

 

On March 10, 60 people that had zero symptoms, using prescribed social distancing, attended choir practice. 3 days later people started coming down with symptoms. By March 17th positive tests had occurred. By 3/29, 75% of the 60 people had coronavirus and 2 were dead.

 

https://www.latimes.com/world-nation/story/2020-03-29/coronavirus-choir-outbreak

 

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41 minutes ago, IndyPoolPlayer said:

Would you blame them? I sure as h*ll don't. My last trip to the store the TP, mile, eggs, bread, and canned goods were empty but there was plenty of booze to be had - beer, wine, and hard liquor.

I loaded up on http://www.bumwine.com/

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This is about the time I rotate through my ton of credit cards to keep them active. I haven't been going to Starbucks, buying pencils, getting a burger, etc., because of the social distancing stuff. What I've been doing instead is reloading my e-gift card balance on Amazon, about $5 at a time. My balance is now about $85, that I'll eventually use.

I know. This isn't a problem in the big scheme of things.

 

Edited by Burgerwars

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13 hours ago, Burgerwars said:

This is about the time I rotate through my ton of credit cards to keep them active. I haven't been going to Starbucks, buying pencils, getting a burger, etc., because of the social distancing stuff. What I've been doing instead is reloading my e-gift card balance on Amazon, about $5 at a time. My balance is now about $85, that I'll eventually use.

I know. This isn't a problem in the big scheme of things.

 

Amazon gift cards start at $0.50.  I miss the days of $0.15.

 

On a quasi-related note, I've had to stop buying Amazon gift cards when I get Amex Offers for places like Lowe's, Staples, and other places that sell them. 

 

I've had a credit balance on my Amazon account every day for probably 3-4 years.  Right now it's down to around $350, which is 3-6 months' worth of Amazon spending.  

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1 hour ago, hegemony said:

so it seems to like to eat on all mammals. What happens when it hits factory farms?  I'm being serious here as we've seen reports of cases in domestic cats and dogs.

 

Tiger tests positive for coronavirus at Bronx Zoo, first known case in the world

So far its being said it isn't transmissible between species. People were abandoning dogs and cats in fear of coronavirus, and are being reminded to not do that.

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1 hour ago, IndyPoolPlayer said:

So far its being said it isn't transmissible between species. People were abandoning dogs and cats in fear of coronavirus, and are being reminded to not do that.

well we were also told it would go from 15 cases to zero... I'm sure the USDA will tell us corona-infected beef is safe to consumer.

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2 hours ago, hegemony said:

so it seems to like to eat on all mammals. What happens when it hits factory farms?  I'm being serious here as we've seen reports of cases in domestic cats and dogs.

 

Tiger tests positive for coronavirus at Bronx Zoo, first known case in the world

The question was asked at my congressman's conference call townhall three days ago whether dogs and cats could get the coronavirus. Dr Sapphire of the Gates Global Initiative was a guest and said they really don"t know. She said there were tests that dogs registered negative but cats in one study registered negative but in the 2nd separate test cats tested positive. And here we are.

 

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19 hours ago, IndyPoolPlayer said:

So far its being said it isn't transmissible between species. People were abandoning dogs and cats in fear of coronavirus, and are being reminded to not do that.

Great, just great...now we have to stay 6' away from tigers.

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