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Budget cuts
This country's financial system is in meltdown and with each passing day, the economic forecasts for Virginia grow bleaker. Budget analysts will meet in Richmond this month to try to get a better handle on the scope of the state's budget shortfall, but it's almost certain to be on the far side of $1 billion. The governor's office has instructed department heads to come up with 5, 10 and 15 percent spending reduction schemes.
Depressing news hit closer to home recently, when Fairfax officials added up the revenue, subtracted the expenses, and came up with a projected $430 million shortfall for next fiscal year, which begins July 1.
Those officials have been scrambling ever since to come up with ways to staunch the bleeding.
We hate to speculate, but several things will probably occur: There could be a tax hike, and/or some countywide programs may have to go away ?at least temporarily ?or be sliced drastically. These tough decisions may result in folks losing their jobs.
These are the most difficult economic challenges this country and county have faced in decades -- and perhaps since the Great Depression.
Supervisors and county staff are confronted with an unenviable task. No one wants to make cuts to public safety. No one wants to undermine education. In an economy like this, libraries are more popular and important than ever. Companion animals are feeling the pinch, too, often simply abandoned by individuals forced to move on. Can we logically cut support for the animal shelter?
Why are we so worried about those people who bit off more than they could chew and now face losing their homes? Now we know why.
The cuts that are coming are going to be painful, salved a bit, perhaps, by our better understanding that what affects some of us affects all of us.
Ok, things are horrible.
We need to find a free market answer to these problems. These problems are all the result of government meddling in the economy. I don't blame people for taking an opportunity to get a loan they eventually fail to repay.
Why were they given the loans?.
Would it have something to do with the Community Reinvestment Act, Fannie Mae, Freddie Mac unregulated activity.
These banks deserve to fail.
Bailing them out is ridiculous.
I'd rather help people out with mortgages then the banks that rolled the dice and lost.
Freddie Mac and Fannie Mae need to be dismantled or privatized.
We cannot repeat this mistake.
Posted by Victory4Iraq
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