One of the things discussed at last Monday’s New Philadelphia Council Meeting was the widening of West High. Under consideration is adding a third lane from the railroad tracks to Five Points. In general, not a bad idea. The argument is a turning lane will decrease traffic accidents in that area. While any decrease in accidents would be welcome, there is a greater concern with this project than fender benders. The project has to be paid for.
Information provided by the Mayor puts the City’s share of this project at around $600,000, the rest being paid from federal and state grants. Well, maybe. The actual figure, based the anticipated value of the dollar in 2013, the proposed start of the project, is $524,180. A pretty accurate figure for three years down the line. Too bad the City can’t come up with similar accuracy for future expenses when requesting money to get the water bills printed and mailed. In any event, in a couple of years, should this project be taken on, the City is going to need the money. The question is, will the money be there?
We do not live in an independent financial city. New Philadelphia’s economic stability is dependent upon the financial status of not only New Philadelphia, but of Ohio, the United States, and now, as it turns out, the economic stability of Europe.
The European Union (EU) has committed to a trillion-dollar bailout of Greece. And the New York Times reported that the final decision of the EU to do this came after some arm twisting by, your guessed it, Obama. Their plan is based on the recovery plan designed by Obama, Pelosi, Reid, and the rest of the crowd in Washington. French President Sarkozy helped in the arm twisting, saying at the time, that “we have decided to give the Euro Zone a veritable economic government.” The end result is that the EU, like the United States, has ignored it’s constitution, and has taken control of the economy of its 27 member countries, with no input from the 450 million people who live there. Sounds familiar, doesn’t it?
The European Central Bank, similar to the Federal Reserve Bank, has tossed fiscal responsibility to the winds. It is now purchasing bad debt from member nations with no collateral. Sounds like they haven’t read about Fannie Mae and Freddy Mac. The plan sounds like a European TARP program, and why not? TARP was the model for this fiasco.
This year the US approved $100 billion dollars for the International Monetary Fund (IMF) which will be used to bailout EU countries from financial distress. In addition the Federal Reserve Bank has allotted an undisclosed amount of money for loans to the EU at what has been described as “very low interest rates.”
Greece has received $145 billion dollars already. Spain and Portugal are in dire financial straits. Italy is on shaky economic ground. Should more countries in the EU require bailout money, the effect on the United States could be catastrophic. The US economy is on the edge of faltering now, and the added burden of additional financial collapse in Europe could bring our economy down as well. The end result will be an increase in taxes, increasing interest rates, and a collapse of business growth here at home.
The economic future for New Philadelphia is not clear. The country is in serious debt, the Obama government is plunging ahead with its “income redistribution”, and government in general does not admit, nor recognize, that we are in a serious depression.
The City Council and the Administration must be reminded that the money tree has all but died. To make plans for projects without out the money actually in hand is poor financial strategy. The widening of West High could be a good project, but when West High was discussed at Monday’s meeting there was much left unsaid.
What is the plan for the city, if there even is one? Where will the money come from to widen West High? Will there be sufficient funds to carry out other projects such as the widening of University Drive, the paving of Fourth Street, the cost of expanding the runway length at Clever Field, and how much money is being put aside by the City in the event of a financial collapse of Federal and state economies?
It is time that the Mayor presents to City Council, and the people of New Philadelphia, a comprehensive plan for the future which defines not only the projects he requests but how they are to be financed. It is not the job of City Council to determine financing. City Council’s job is to approve the Administration’s plans, and if they do not, it is up to the Administration to revise them to meet the concerns of Council.
Information provided by the Mayor puts the City’s share of this project at around $600,000, the rest being paid from federal and state grants. Well, maybe. The actual figure, based the anticipated value of the dollar in 2013, the proposed start of the project, is $524,180. A pretty accurate figure for three years down the line. Too bad the City can’t come up with similar accuracy for future expenses when requesting money to get the water bills printed and mailed. In any event, in a couple of years, should this project be taken on, the City is going to need the money. The question is, will the money be there?
We do not live in an independent financial city. New Philadelphia’s economic stability is dependent upon the financial status of not only New Philadelphia, but of Ohio, the United States, and now, as it turns out, the economic stability of Europe.
The European Union (EU) has committed to a trillion-dollar bailout of Greece. And the New York Times reported that the final decision of the EU to do this came after some arm twisting by, your guessed it, Obama. Their plan is based on the recovery plan designed by Obama, Pelosi, Reid, and the rest of the crowd in Washington. French President Sarkozy helped in the arm twisting, saying at the time, that “we have decided to give the Euro Zone a veritable economic government.” The end result is that the EU, like the United States, has ignored it’s constitution, and has taken control of the economy of its 27 member countries, with no input from the 450 million people who live there. Sounds familiar, doesn’t it?
The European Central Bank, similar to the Federal Reserve Bank, has tossed fiscal responsibility to the winds. It is now purchasing bad debt from member nations with no collateral. Sounds like they haven’t read about Fannie Mae and Freddy Mac. The plan sounds like a European TARP program, and why not? TARP was the model for this fiasco.
This year the US approved $100 billion dollars for the International Monetary Fund (IMF) which will be used to bailout EU countries from financial distress. In addition the Federal Reserve Bank has allotted an undisclosed amount of money for loans to the EU at what has been described as “very low interest rates.”
Greece has received $145 billion dollars already. Spain and Portugal are in dire financial straits. Italy is on shaky economic ground. Should more countries in the EU require bailout money, the effect on the United States could be catastrophic. The US economy is on the edge of faltering now, and the added burden of additional financial collapse in Europe could bring our economy down as well. The end result will be an increase in taxes, increasing interest rates, and a collapse of business growth here at home.
The economic future for New Philadelphia is not clear. The country is in serious debt, the Obama government is plunging ahead with its “income redistribution”, and government in general does not admit, nor recognize, that we are in a serious depression.
The City Council and the Administration must be reminded that the money tree has all but died. To make plans for projects without out the money actually in hand is poor financial strategy. The widening of West High could be a good project, but when West High was discussed at Monday’s meeting there was much left unsaid.
What is the plan for the city, if there even is one? Where will the money come from to widen West High? Will there be sufficient funds to carry out other projects such as the widening of University Drive, the paving of Fourth Street, the cost of expanding the runway length at Clever Field, and how much money is being put aside by the City in the event of a financial collapse of Federal and state economies?
It is time that the Mayor presents to City Council, and the people of New Philadelphia, a comprehensive plan for the future which defines not only the projects he requests but how they are to be financed. It is not the job of City Council to determine financing. City Council’s job is to approve the Administration’s plans, and if they do not, it is up to the Administration to revise them to meet the concerns of Council.
No comments:
Post a Comment