By: Groundhog Day « Aware Brain

Groundhog Day « Aware Brain — Tue, 31 May 2011 19:51:36 +0000

[...] level is at a new low. While CNBC says it is worse than “expected” , they must not have read this blog in 2009 when we projected exactly this result. Today the experts seem to be agreeing. David Blitzer, chairman of the index committee at S&P [...]

By: Aware Brain

Aware Brain — Sat, 06 Feb 2010 14:43:14 +0000

[...] The problem is accelerating in cities nationwide, as citizens are seeing disappearing services in this “worst of times.” “ “From Augusta, Maine, to Seattle, from Bossier City, La., to San Francisco, city leaders are scrambling to address unprecedented shortfalls, according to a new survey conducted by the National League of Cities. Furloughs, cuts in services and layoffs are the norm now from city to city, large, small and in between. Baltimore already has eliminated more than 500 positions and is facing another round of layoffs and furloughs. Bossier City has cut 117 of 897 positions, including 80 police and fire. Boston has laid off more than 500 employees. East Providence, R.I., has cut 55 positions, including 16 police and 28 fire. As cities continue reducing staff and delaying or canceling projects, the cumulative effect could end up being “devastating impacts on the employment level in local communities” and “a deep and lasting impact on the national economy.” The report suggests the worst is yet to come. In the past, local governments have been able to tap state funds to keep operations going. State budgets are now in as bad, or worse shape than local municipalities, so this cash source is dried up. Towns across New Jersey are on the defensive in advance of the state budget rollout, which will leave largely them on their own. “Municipal officials throughout the region fear potential state aid cuts as they prepare budgets amid declining tax revenues. “We’re not expecting or planning for an increase in state aid,” Hamilton Township Business Administrator Ed Sasdelli said.” To make up the difference, most local governments are looking to new taxes on citizens to cover the deficiency. In Rhode Island, The Times warns: The budge is due: Guard Your Wallet. Put one hand on your wallet, property tax payers, Gov. Donald Carcieri is going to unveil his 2011 budget on Tuesday and is likely do double down on the damage he proposes to do in the supplemental budget by eliminating half of the reimbursement to cities and towns for thephase out of the automobile excise tax by eliminating the whole thing next year. The deterioration of municipal budgets will get worse, since most local government revenue is ties to property tax assessments. As property values continue to decline, and more foreclosures are on the horizon, even this years severe cuts may seem tame in a few years. At the same time, local governments are often large employers in their areas, and their layoffs will add to the already severe unemployment, accelerating the spiral of decline. [...]

By: larry

larry — Wed, 23 Dec 2009 16:23:26 +0000

even a blind person can see that things are getting worse each day.just had a friend that had a very good position with a local paving company ( company car with all the trimmings). but he was spending all that he made and then some. got laid off last week and is flat broke this week

Comments on: Isn’t it obvious from these facts that the economy is getting worse?

By: Groundhog Day « Aware Brain

By: Aware Brain

By: larry