One of the world’s major credit-rating companies fired a warning shot regarding the U.S.’s worsening public finances on Friday, just as lawmakers in Washington contemplate spending more to combat the economic fallout from the coronavirus pandemic.
Fitch Ratings revised its outlook on the country’s credit score to negative from stable, citing a “deterioration in the U.S. public finances and the absence of a credible fiscal consolidation plan.” The country’s ranking remains AAA.
“High fiscal deficits and debt were already on a rising medium-term path even before the onset of the huge economic shock precipitated by the coronavirus,” Fitch said. “They have started to erode the traditional credit strengths of the U.S.”
Unemployment has skyrocketed and the U.S. economy just notched up its worst quarter on record, with pandemic-related shutdowns helping drive an annualized gross domestic product contraction of 32.9% in the three-month period through June. And with infections still spreading rapidly in many states, the virus’s damaging impact on output looks set to continue.
“
Teachers have access to materials in their classrooms that are not available at home,” – despite million$ spent on Infinite Campus
Costs continue to grow for local, state and federal taxpayers in the K-12 space, as well:
Let’s compare: Middleton and Madison Property taxes:
Madison property taxes are 22% more than Middleton’s for a comparable home, based on this comparison of 2017 sales.
Fall 2020 Administration Referendum slides.
(Note: “Madison spends just 1% of its budget on maintenance while Milwaukee, with far more students, spends 2%” – Madison’s CFO at a fall 2019 referendum presentation.)
MMSD Budget Facts: from 2014-15 to 2020-21 [July, 2020]
Property taxes up 37% from 2012 – 2021.
– via a kind reader (July 9, 2020 update).
2017: West High Reading Interventionist Teacher’s Remarks to the School Board on Madison’s Disastrous Reading Results
Madison’s taxpayer supported K-12 school district, despite spending far more than most, has long tolerated disastrous reading results.
My Question to Wisconsin Governor Tony Evers on Teacher Mulligans and our Disastrous Reading Results
“An emphasis on adult employment”
Wisconsin Public Policy Forum Madison School District Report[PDF]
Booked, but can’t read (Madison): functional literacy, National citizenship and the new face of Dred Scott in the age of mass incarceration