Let Local Government Face Reality–Coral Gables, Too

October 8, 2010 Leave a comment

If state and local government employment is falling, this is just to recognize that many of these governments over expanded employment, salaries and pensions during the real estate bubble. Coral Gables did this.

There are many years of adjustment that must be made in the local and state governments.  Let’s hope that our local municipal and county leaders will face reality before they keep hitting up taxpayers, instead they need to do real deep adjustments in budgets, salaries and benefits, organization and prioritizing services.  They keep postponing their own pain with the expectation that the economy will bail them out.

Regarding today’s employment report

“The private-sector growth is somewhat heartening but in total you have to expect that state and local and government jobs are going to be a drag for a number of months and perhaps a number of quarters,” Bill Gross, co-chief investment officer at Pacific Investment Management Co. in Newport Beach, California, said in a radio interview on “Bloomberg Surveillance” with Tom Keene. He called the report a “strong signal” for further Fed action.

via Employers in U.S. Cut More Jobs Than Forecast (Update3) – Bloomberg.com.

Filed under Economy, Employees and Unions, Property Values

Goldman Sacks is Chicken Little?

October 7, 2010 Leave a comment

This is realism–to face the future of the economy and the continuing sluggish economy that will keep the Coral Gables’ economy down, property values constant or down and further challenges for the city government.

Goldman Sachs Group Inc. said the U.S. economy is likely to be “fairly bad” or “very bad” over the next six to nine months.

“We see two main scenarios,” analysts led by Jan Hatzius, the New York-based chief U.S. economist at the company, wrote in an e-mail to clients. “A fairly bad one in which the economy grows at a 1 1/2 percent to 2 percent rate through the middle of next year and the unemployment rate rises moderately to 10 percent, and a very bad one in which the economy returns to an outright recession.”

via Goldman Sachs Says U.S. Economy May Be ‘Fairly Bad’ (Update2) – Bloomberg.com.

Filed under Business and Commerce, Economy

Poverty Up in Florida–and Coral Gables?

October 6, 2010 Leave a comment

You may download a larger document below.  This is an especially sad state with the increasing number of children living in poverty in Florida.

…Since the  recession began Florida has had the largest increase in the poverty rate in the nation. The poverty rate rose to 14.9% in 2009, while the child poverty rate rose to 21%. 2.7 million Floridians, roughly 1 in 7 people, were living below poverty levels in 2009 and 1 in 5 children in the state were living in poverty. 2.7 million Floridians, roughly 1 in 7 people, were living below poverty levels in 2009. In 2009, 1 in 5 children in the state were living in poverty.

via Poverty rises in Florida , Florida – RISEP.

Filed under Poverty

Views On Florida’s Government Spending

October 6, 2010 Leave a comment

Sounds familiar, or not.

Citizens want the same services with less spending, while government officials want the same or less services with more taxes.   But what we are getting is less service with more taxes (in bad times) and more service (not a lot more in good times with a good bit of mismanagement) with more taxes.

The result–always more taxes.

Even in Florida, where adults are least likely to disapprove of the job their elected officials are doing, nearly twothirds of residents believe that their government could spend less and still maintain the same level of services.

via New Report On Florida’s Fiscal State – Money News Story – WJXT Jacksonville.

Filed under Finance, Florida

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