12-14-2008, 03:30 PM
In related news, the number of forclosures fell last month. This, however, is only because banks decided to not pursue forclosures during the holidays and also the intervention of several agencies trying to assist those going into forclosure. It is expected that January/February will be some of the worst months yet. I'm sure Congress will use that data to avoid having to pass any laws pertaining to forclosures until after the inauguration. In the mean time, it's going to get a lot worse before it gets better. I've heard some estimates that the housing market may not be able to recover until next fall.
Since this thread is about the taxpayers, what does everyone think about the local cities and state that will take in less tax revenue, both from house sales and thos cutting back after losing a job? Do you think they are going to resort to tax hikes or are they just going to cut back so far that they are useless to the citizens. Most states require a balanced budget, they can't just borrow their way out like Congress can.
Since this thread is about the taxpayers, what does everyone think about the local cities and state that will take in less tax revenue, both from house sales and thos cutting back after losing a job? Do you think they are going to resort to tax hikes or are they just going to cut back so far that they are useless to the citizens. Most states require a balanced budget, they can't just borrow their way out like Congress can.