6/20/20 Power Five

1. The State Budget Train Crash – Several months ago, we mentioned that state government revenue will be severely impacted by the downturn and updated tax payment deadline. What we didn’t know is how bad it would actually become: “Revenues have fallen so fast that some states do not even know by how much. Of those that have reported estimates, Louisiana saw tax revenues drop by 43% in April compared with April 2019 (“surreal”, the state treasurer called that). New York’s were down by two-thirds and California’s income-tax receipts plunged 85%.”

2. After the Virus Came, 22 Parents Moved Into Their Children’s Hospital – “Ultimately, 20 mothers and two fathers moved into St. Mary’s, in the Bayside neighborhood, bringing pajamas, sweatpants, toiletries, vitamins and laptops. Most now have been there for nearly three months, sleeping on recliners in their children’s rooms and becoming immersed in their care — and sharing just one shower.”

3. Which Economic Stimulus Works? – Stiglitz’ latest on the response and where we go from here. “Poorly designed stimulus programs are not just ineffective, but potentially dangerous. Bad policies can contribute to inequality, sow instability, and undermine political support for government precisely when it is needed to prevent the economy from falling into a prolonged recession. Fortunately, there are alternatives. But whether governments will take them up remains to be seen.”

4. He’s the Chosen One to Run America – Inside the cult of Trump, his rallies are church and he is the gospel. Though tonight’s rally in Tulsa was pretty embarrassing…we were told it would be the campaign kickoff and energize the base…does anyone know a single policy proposal he’s running on? The ability to walk down a ramp and drink water?

5. 7 Pieces of Art That Were Lost to History – “Many of humanity’s greatest artworks have been lost to theft, vandalism, iconoclasm, misfortune, and willful or inadvertent destruction.” From the new book, The Museum of Lost Art.