The Wall Street Journal (5/15, Izzo) reports, "Economists in the latest Wall Street Journal survey see an end to the recession by autumn, but say it will take years for the economy to fully recover." On average, the 52 economists who participated in the survey "project that the recession will end in August." They expect GDP "to contract 1.4% at a seasonally adjusted annualized pace in the current quarter, compared with the 6.1% drop recorded in the first quarter." The survey was conducted "before the Commerce Department's report this week that retail sales fell 0.4% in April from the previous month, which left some economists questioning whether consumer spending is ready to rebound." The depth of the downturn "means it will take years to eat up the slack created by the recession. Nearly half of the economists said it will take three to four years to close the output gap, while more than a quarter say it will take five to six years."
Seems like the rosy scenarios some are discussing just might not be founded in reality. As our economy erodes further, what impact is it having on you? With more people seeing the possible horror of losing their homes due to higher taxes and in many cases scary mortgages that will reset in 2011/2012, it now looks like the pain has not ended by any means. The latest assessment situation seems to highlight the unbelievable claims made of value due to the prices assessed and seem to have little to do with the real market (as required by law). This situation may be twisted further, as the real market that includes foreclosures and short sales are not even included and that skews the assessment data that sets our taxes. This kind of "Smoke and Mirrors" defrauds the truth and shows that distrust in the process is warranted. The new claim by the assessors is that: "There just is not market data in Suffolk to support a price reduction on your home..." This is true when they exclude the short sales and foreclosures that make the market today... The assessment system is based on truth and suffers when it is manipulated, especially when you can't even sell if you wanted too............
Roger A. Leonard...
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"It has been said that all Government is an evil. It would be more proper to say that the necessity of any Government is a misfortune. This necessity however exists; and the problem to be solved is, not what form of Government is perfect, but which of the forms is least imperfect."
-James Madison, to an unidentified correspondent, 1833
"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary."
-H. L. Mencken-
My unborn great and great great grand kids thank you Mr President for my being born in a country of poverty. I am sure there will be thousands of their kind who wont survive 9 months.
When these things are taken to include the screwing we all get from our city government too, it does hurt! We need another solution to this growing pain!
Liberals said that Bush was out of touch. And they said President Bush was out of touch… President Obama took off Saturday night to wing into Manhattan’s theater district on Air Force One to take in a Broadway show:
GM is preparing to file bankruptcy and families across America continue to struggle to pay their bills. … I hope that you and Michell had a great Saturday evening MR PRESIDENT YOU you seem to be jetting off somewhere at taxpayer expense. You are putting on some kind of show. First tyou tell the Business world and leaders to stay out of Vegas and you go there to have a fund rider of Dingy Reid and raised two million dollars. the Obamas Wings into the city of NY for an evening out while another iconic American company prepares for bankruptcy.
Even though we "ain't seen nothin' yet", people are losing jobs by the thousands per day, North Korea is launching middle fingers at this country once stable businesses are going bankrupt, the dollar is toilet paper, our sons and daughters are in harms way, and the president wants us to know he's going out on a date night with his wife so we can get to see those arms of Michell's.
I'm sorry but given the responsibility the job HE wanted demands, Barack Obama is probably the most embarrassingly irresponsible black man on the planet.
Is this more of his "gallows humor" — I don't get it — or just the gallows? This "historical moment" is becoming a comedic moment that far surpasses Clinton and Monicagate, Nixon and Watergate,or anything that Bush and Cheney could have ever dreamed up.
As one who has lost her job, I am here to tell you that it is tough out three right now. My husband is in the military so we are scraping by, but the taxes the City levies on our home is just killing us and we know we can't even seel for what they say we must pay taxes on. WE bought one of the Herndon Homes on Turlington Road and have seen the price drop for the last three years straight. Some investment, but the City seems to feel that it should go up in value each year for more and more taxes. I made a big mistake in not voting for the guy that ran on a lower tax platform for mayor from Whalyeville. I was stupid and voted for Ms. Johnson who had the most signs out, which was stupid on my part. I was also thinking of voting for Mr. Debranski, but he wanted to apporve the centerpoint porject right over on RT 58 and that was not good for more traffic. Ms. Johnson said she had concerns for it too, but then voted for it as soon as she got to be mayor again. Now I have the worst situation of all, no job, a house that is only going up for higher taxes that I can't sell for what I paid three years ago and a mayor that approves a terrible project that makes taffic even worse than ever. The the water and sewer rates are set to go up by huge amounts next!
Just call me a trapped taxpayer!
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