And The City of Coral Gables Going In Debt!
May 31, 2011 Leave a comment
The irrationality of the city manager’s proposal and the commissioners’ approval of a new spending and debt package for Coral Gables is now crowned by the persistent double dip in housing prices across the country.
The blind push for spending and debt, sacrificing taxpayers and employees in the process, is a hugely disappointing outcome of the recent election.
The ominous new drop for the Standard & Poor’s/Case-Shiller index of 20 cities, a key measure that is closely watched by economists, casts further doubt about the future of the housing market’s recovery. The index pushed below its previous bottom hit in April 2009, confirming a much-feared double-dip in home prices.