New York is putting forth a bill to suspend the tax relating to gasoline for 7 months.
In this video I discuss how high gas prices affect the economy and how this gesture, while a good one, is going to come back and hurt tax payers. Plus, we have to be ever mindful that the longer this goes on, the greater the likelihood this ends up in a recession.
▶️ 3Speak
Let hope the government has a good intentions for them because right now most of the politician are fighting for their selfish Interest now minding the havock there decision will cause the people at the long run. If business start closing up and credit limit reduce in the future it will be bad for the people as there will be suffering.
That is exactly what we are seeing here in Venezuela with the new gasoline price adjustment, and that has, to say a word, disoriented the economy and the worst thing for us is that it is just beginning and we have not yet felt the effects of the increases which will surely come very soon, which will unbalance our entire budget, both daily and weekly, fortnightly, monthly and annually.
I didn't realize that they couldn't sell bonds to fund their expenditures. So bonds can only be sold for things like projects? So I guess that tax revenue will definitely need to be made up elsewhere.
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I actually misspoke on that. They can fund for day to day, just not run deficits.
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