Another Reason for Cities Going Bankrupt

This week the Wall Street Journal had an article announcing that thousands are losing their homes because of property taxes. “Tax Liens Trigger More Foreclosures” by Kelsey Gee highlighted a growing problem in our cities. Our weak economy is having a negative effect on home owners who may owner their homes but cannot pay their property taxes.

They may not be able to pay them because they are unemployed or even under-employed. Add to this the down turn in prices of homes and you have an unfortunate situation for millions of Americans.

Last week our local newspaper had three full pages of homes up for sale because of back taxes. As a growing trend, this doesn’t bode well for cities and municipalities because they rely on property taxes to provide essential services for its citizens.

Increasing taxes doesn’t solve the situation since it will only force more home owners into a debt situation where they cannot pay the property taxes. At the core of this disaster is the weak economy. People need jobs to earn money to pay taxes. No jobs, no money, no home!
Unfortunately, as the national deficit and debt grows the nation’s economy is getting weaker. Economic experts don’t see the economy improving and Obama certainly doesn’t seem to have the policies or the know how to achieve a turn around. This leaves the United States in such a state that it will get worse and not better. The sad thing is that the American people will have to foot the bill for the blunders and misguide principles of this administration for years to come.

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About camden41

Retired public school administrator Retired history professor: Taught Western Civilization, American Civil War, United States History, Economic History, Ancient & Medieval Foundations, American History Since 1945
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