This came in from Max Grossman:
As long as the media refuses to report this, I will keep repeating this information every few weeks.
On December 10, Moody’s Investment Service announced that in the event of a recession of similar severity to the 2008-09 downtown, El Paso will be one of four cities (including Detroit) in which “adjusted net pension liabilities will rise by more than 100% of revenue.”
Data-Z, a subsidiary of Truth in Accounting, whose mission is “to educate and empower citizens with understandable, reliable, and transparent government financial information,” claims that “El Paso is a Sinkhole City without enough assets to cover its debt.”
Just look at the Dow Jones Industrial Average today. At one point it sank to 20,387, down from the February 16 high of 29,569, a difference of 31%! The talk among the pundits is no longer about whether we are heading into a recession because of the world health crisis, but about how severe it will be.
QUESTION: What will our City do to avert the financial calamity which Moody’s, one of the top financial reporting firms in the world, has explicitly warned El Paso about?
I have stated it many times and will state it again. The City Manager, Mayor, and City Council Representatives have placed us on a financial path that could lead to disaster. Even as our homestead tax burden is second only to Detroit, and even as world markets are plunged into chaos, they still insist that our government should be in the entertainment business, providing us with stadiums and waterparks!
We deserve better