More Evidence That Approval of Ogden's East Washington Urban Renewal Project Would Be A Huge Mistake

Now's not the time to even be thinking about running up more public debt

As a followup to yesterday's article, wherein we expressed our strong concern about the council's progress toward adoption of a proposed urban renewal project area plan for the East Washington Urban Renewal Area in downtown Ogden, we've now come upon additional evidence supporting our argument that economic stimulus has failed on the national level, and that any action to approve a new project founded upon tax increment financing would be a huge mistake:

• 25 Signs That Almost Everyone Is Expecting An Economic Collapse In 2010

For Emerald City elected officials, this element ought to be a real eye opener:

#12) The National League of Cities is warning that large numbers of cities across the U.S. will be facing horrible economic conditions over the next couple of years….

“City budget shortfalls will become more severe over the next two years as tax collections catch up with economic conditions. These will inevitably result in new rounds of layoffs, service cuts, and canceled projects and contracts.”

Please be cautious, Ogden City Council.

Please heed the wise words of Dow Theory financial advisor guru Richard Russell:

Do your friends a favor. Tell them to “batten down the hatches” because there’s a HARD RAIN coming. Tell them to get out of debt and sell anything they can sell (and don’t need) in order to get liquid. Tell them that Richard Russell says that by the end of this year they won’t recognize the country. They’ll retort, “How the dickens does Russell know — who told him?” Tell them the stock market told him.

Now's not the time to even be thinking about running up any more debt, either public or private.