City Commissioners are Ignoring History

I cite here a recent post in the Economist that shows how long it might take for the US economy to return to full employment.  You may read it there but the numbers are not encouraging.

And at the rates generally experienced over the past two decades, full employment would seem to be somewhere between 5 years and more than 10 years away.

…it could be 5 to 8 years before banks sell off their entire stock of foreclosed upon housing inventory.

…we have a problem here beyond the sheer pain of the slow expected recovery—this recovery might run headlong into the next recession.

If I had anything to recommend to the Commissioners of the City of Coral Gables is to expect many months and years of economic stagnation, little or no real estate investments and taxpayers too burdened by the pattern of year-by-year property tax and fee increases.

It is time for real austerity, if this is surely proven by the Biltmore Hotel situation and persistent declining property values.