An alert reader sent me this relevant article from Salon:
[A]s the adage goes, all economics is local. One part of the country can enjoy the fruits of national economic growth, while another languishes in opioid addiction, poverty and falling wages.
When it comes to municipal finances, the same rules apply. With 16 states and thousands of local public entities fiscally worse off than they were just before the Great Recession, the march toward higher interest rates and the threat of global trade wars with U.S. neighbors and allies could make things worse for struggling state and local governments.
. . .
Strategic retaliatory tariffs threaten economic growth in pockets of the U.S. that are more dependent on international trade. Slower local economic growth can lead to lower tax revenue and higher social services costs, which can lead to more borrowing just as rates are starting to rise at a faster pace.
Wow, good thing El Paso isn’t dependent on international trade.
We’re not, are we?