The sharp rise in federal debt during COVID-19, which will likely be reflected in the state government debt as well, does not bode well for intergovernmental transfers to local governments, as was the case following the GFC [ ]given the depth of the recession caused by COVID-19, one can assume that local government revenues stemming from property taxes, the sales taxes, and the income taxes will also struggle at least in 2020 and 2021 [ ]businesses will become increasingly selective in their decision to choose a location [ ]the pool of immigrants to choose from may shrink since several countries in Asia are developing rapidly, which means that Asian residents have fewer reasons (at least from an economic standpoint) to leave their countries
Mind the Gaps