Urgent Reading for the Commission: Why Postpone the Hard Spending Decisions?

As the Coral Gables City Commission is on the verge of making decisions to significantly increase property tax rates, do they know the city and the taxpayers will certainly confront the same and worse financial prospects for 2010 through 2012. Taxpayers cannot take more years of taxes being increased by 10 percent or more as homes values have plummeted, incomes are down, stock prices and retirement asset values have been destroyed and unemployment persists.

The Secretary of the Treasury was quoted by Bloomberg News, as follows:

Given the extent of damage done to the financial system, the loss of wealth for families and the necessary adjustments after a long period of excessive borrowing around the world, it is realistic to assume that recovery will be gradual, with more than the usual ups and downs.

About Stephen E. McGaughey
International consultant in economic development programs and projects

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