by Karl Denninger
Market-Ticker.org
To all the screaming Karens: You’ve fired a few million workers and some of them even include you.
Retail sales for April were 22% below last year’s figures.
No stores open, no bars and restaurants open, nobody actually spending money. “Oh, you can order out.” Uh huh. The volume of business collapsed anyway.
That means no tax receipts. No sales taxes.
It means commercial property, which has property taxation at much higher rates than residences, is now worthless.