City of Rockwall Bond Election – Vote NO to 36% Tax Increase

Massive Federal Debt

America is going to a place it has never been before in her history. Never, ever in the history of our nation have we amassed debt as we now have.

If your family income were $1,000 per month and your expenditures were $2,000 per month, leaving you to borrow half of all you spend each month, how long could your family sustain the economics? This is a fair analogy of federal spending in 2012.

Inflation Indicators

Gold

January 2009 – $895.30
January 2010 – $1,089.20
January 2011 – $1,333.80
January 2012 – $1,737.80

A simple reading of the above gold price trend indicates the dollar has lost approximately half its value.

Motor Fuels

Gasoline trend – average national prices
January 2009 – $1.84
January 2010 – $2.67
January 2011 – $3.10
January 2012 – $3.44 practically double January 2009

Purchasing oil on the global market is a chief cause of fuel price increases. There is no global shortage of oil.

Construction

Another tell tale sign of inflation is the dramatic upward trend in costs of construction materials, chiefly driven by the cost of imported oil which also drives up food costs.

Unemployment

Let’s look at real unemployment, not the politically correct figures published by the Obama administration that excludes the “underemployed”.

January 2009 – 15.8%
January 2010 – 16.6%
January 2011 – 19.0%
January 2012 – 22.5%

Unemployment during the Great Depression was right at 25% here in the US and approximately 33% abroad.

Taxes – The Big Kahuna

Bush tax cuts expire December 2012 and the largest tax increase in all our history kicks in January 1, 2013. Even if SCOTUS declares all of ObamaCare unconstitutional, taxes will skyrocket due to astronomical federal debt and our inability to borrow from foreign countries.

Home Foreclosures

Let’s talk about home foreclosures. Over the past 5 years foreclosures on 8,200,000 homes began. As of February of this year only 4,000,000 units have been closed out, leaving 4,200,000 as REO (Real Estate Owned) properties that are about to move forward into the foreclosure process. (Source: Business Insider)

DSnews.com publishes dispassionate, up to date information on the mortgage default industry. In an April 18, 2012 article Esther Cho related the first 4 million foreclosures to their impact on children. She reports that in the first wave 2,300,000 children lost their homes. She predicts 3,000,000 more children will lose their homes during the next wave of foreclosures.

Summary

As it was during the Great Depression, we are not isolated from the consequences of global financial meltdown.

We have TWO important elections in May: Primary (Republican vs. Democrat) Elections on May 29 and City of Rockwall General Elections on May 12.

On May 12, we vote for School Board candidates, City Council and the all important BOND ELECTION. If all five propositions pass, property taxes will go up a minimum of 36%. I encourage City of Rockwall residents to vote NO on all five propositions.

Additional debt threatens core city services and therefore quality of life in the City of Rockwall.

You can follow the dialog on Facebook at https://www.facebook.com/VoteNoTo36PctPropertyTaxIncrease

Learn about polling places and early voting here: http://www.rockwallcountytexas.com/index.aspx?NID=650

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4 thoughts on “City of Rockwall Bond Election – Vote NO to 36% Tax Increase

  1. The Rockwall City Bond election is bad for the citizens & future citizens of Rockwall.! The city has invested itself in two “public-private partnerships” that are well on their way to failure. The Harbor has already been foreclosed on by the lender, even with massive amounts of tax-payer cash spent by both the city as well as its REDC, (not funded by debt presented to the voter). The additional $9M invested in “The Slope” near the Harbor for infrastructure for a private dveloper is “questionable @ best, again funded by debt not presented to the voter!

    Everyone has a “want list” but in these days of economic chaos, tax increases are not what we need… A sprinkler system for private buildings on the square, a heritage park for the “rock wall”, a $29m sports complex, etc…?? I think not,when the debt for the city has soared with taxes during the last mayor’s tenure increasing from $.35 per $100. valuation to $.51 per $100 & this same individual wants to move to county leadership?

    If Rockwall has a “natural disaster”, how can they raise the money needed for recovery if they are “on the wall” with massive debt? We need to stop the insanity of the “inmates running the asylum” & get back to sound debt policies for government or we will not have the “shining city on the hill”!

  2. Ken, I agree. A 30+ percent increase in the tax rate at this time is madness! All the projects are good ideas but I think the numbers a heavily padded. As for the square, it’s not even designated as a historical district and there is no protection for the buildings there – or in other words, we the taxpayers could spend over 1.5 MILLION installing and paying for sprinkler systems for private owners and the next week they could be torn down. Doesn’t make a bit of sense! All the projected costs for all of the project are out of sight.

  3. Make sure you are telling everyone that is eligible to vote on this – to vote NO. The opposition’s Facebook website has 700+ “likes” so far. If this is any indication of how the results will go, it doesn’t look good.

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