More deflation doing what it does best… (bankruptcy of government)

“A report released Monday by the controller’s office shows that property tax revenues will likely be $35 million less than anticipated in the 2009-10 fiscal year that began July 1. Payroll tax revenues will probably be $24.8 million less than expected, the report said. To make matters worse, some city departments are going over budget, including shortfalls of $5.1 million in the Fire Department, $4 million in the Sheriff’s Department and $3.2 million in Superior Court. […] Supervisor Sean Elsbernd said he expects the $35 million figure to wind up being conservative. He said 350 property owners had filed appeals by this time two years ago, and their properties were worth a total of $2 billion. This year, the 4,000 property owners represent property totaling $25 billion.”


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One Response to “More deflation doing what it does best… (bankruptcy of government)”

  1. David W. Lincoln Says:

    With all this debt that looks like it can only be paid off over decades, costing
    the United States an unwanted multiple of what it owes, what other option is
    there other than declaring bankruptcy.

    I still remember a comment on one of the columns by Ambrose Evans-Pritchard where the writer said to his American friends, if you want to know what the next 50 years will look like for the United States, look at the past 50 years of what Great Britain went through.

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