Thursday, April 29, 2010

Mixed Economic Signals Call For Local Fiscal Prudence

Now is NOT the time for the taxpayers of Ogden to be burdened with further risky public debt

Interesting juxtaposition of articles in this morning's Salt Lake Tribune, with this chirpy story reporting earnings reports signalling "renewed strength in key companies" on the one hand:
Economists hail uptick in spending...
And this story, which delivers the bad news that the Salt Lake City metropolitan area is still reeling from "the largest percentage increase in foreclosure filings the past year among more than 50 communities hardest hit by the nation's foreclosure crisis," on the other:
Salt Lake hardest hit in housing
Putting it all in context, we note with astonishment that our home town newspaper is now strongly encouraging our city council to embark upon another round of massive public borrowing, in which connection we strongly urge the seven good folks on the Ogden City Council to be extremely wary.

With the above-described decidedly mixed economic signals, we encourage our City Council to treat our public monies with at least the same high degree of fiscal prudence which they would demonstrate in their own personal lives.

It's abundantly clear that the local economy isn't our of the financial woods yet. Now is NOT the time, we therefore believe, for the taxpayers of Ogden to be burdened with further risky public debt.

We should have learned some hard lessons about reckless pie-in-the-sky borrowing and spending from The Junction debacle...; but apparently we didn't. Hopefully our City Council will remember it's other people's hard-earned money they'll be gambling with.

That's our take and we're stickin' to it.

So what say our gentle readers about all this?

11 comments:

Dan S. said...

Not sure what to say about all this, but here's an interesting and relevant letter to the editor:

Blight designation discourages private investment

Jonas said...

Good post, I've been wondering the same thing. Why is it that Ogden seems to be escaping the budget woes that we have seen everywhere else? We've all heard about school districts, cities, counties, etc. all over Utah (including state government) having to make substantial and difficult budget cuts over the past couple of years. The mayor of SLC recommended drastic cuts just this past week - including laying off many city employees. Ogden's response has been to continue spending and push non-essential projects like always? I don't get it. Surely Ogden has been affected.

Stephen M. Cook said...

One can only help a child grow to a certain extent; an over-helpful parent will eventually stunt his own offspring's development.

Similarly with Ogden's willy-nilly bonding and building.

It's not organic, it is forced; and really it does not increase the stature long term, just burdens the future debt.

ozboy said...

Godfrey has never been one to let a little reality get in the way of his visions of grandeur. After all, he is a messiah on a mission directed by God hisself to not only save Ogden from itself, but to ultimately be the savior of all mankind as prophesied in the Hebrew Bible and somewhere in the BOM.

Morg said...

For the Ferengi Rules of Acquisition.

Number 27: There's nothing more dangerous than an honest businessman.

And, Number 162: Even in the worst of times someone turns a profit.

Biker Babe said...

Morg,
well said.

js,
BB

EEV said...

It's yet another case of Republicans being fiscally irresponsible. This pro-business at all costs (even if the cost is at the consumer's expense), loose ethics, and charge ahead no matter what others say mentality needs to be reined in.

Godfrey should take a note or two from the George W. Bush lesson book. You can't just always do what you want to do. Sometimes prudence and reserve are necessary.

Ronald Reagan's Ghost said...

Here's my buddy Ron Paul, talking about the Socialist Corporatists who rule America today, from BOTH major political parties.

If I hadn't gone senile in my second administration, I swear I surely would have handed the Reagan Banner over to Ron Paul.

what will it cost us said...

Have we ever gotten the accurate data concerning sale tax revenue and lease revenue for the Junction? Seems they would want the taxpayers to know how well their decisions have worked out for Ogden.

Lets look at their past projections/promises and see how they compare, especially now in this current economy.

Dan S. said...

wwicu:

Nothing much has changed since I wrote this article last July. The Salomon Center lease payments are coming in as promised. The Boyer developments aren't expected to generate any lease revenue for at least a few more years. And the sales tax revenue is a secret, but almost certainly less than what was projected (given all the empty retail space).

not a marx brother said...

RRs ghost,
huh? You really think you did not serve the corporate powers of America during your first term? How much $$ did you dump into the military industrial complex? Oh wait, that's right, when the $$ goes to the right corporations it's not socialism but patriotism.

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