Well, the truth of the matter is you know as well as I do that if you add this additional labor cost--I mean suppose the President is going to guarantee your interest rate on your bonds that you have. North Carolina sold a billion, $200 million worth of bonds. My own county sold $50 million worth of bonds. Thank goodness I think they are in such financial shape that they will not be desiring of using this thing, but if they were, and those bonds cost 6 percent, and the labor costs were 10 percent higher, you have lost 4 percent because you use Federal assistance. It is unbelievable.
Cass Ballenger: “Well, the truth of the matter is you know as well as I do that if you add this additional labor cost--I mean suppose the…”
Editor's note · Context
Discussing the impact of federal assistance on local bond costs.
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