The Zombulator Shutting Down Cities!!!!!!
Cities shutting down despite LARGE tax increases.....that is what happens when you bail out banks and screw citizens in an overleveraged credit dependent ponzi economy. Sorta like bailing out Bernie and hosing his clients. You knew this was coming in 9.09....now you feel.City Council adopted a 2010 budget Monday night that includes tax increases and layoffs.
However, wage and other concessions from the city’s unions still are needed to balance the budget.
Here are some highlights:
Property tax: Increase by 0.5 mill, to 11.945 mills. Taxes on a property assessed at $100,000 would rise $50.
Earned-income tax: Increase by 0.5 percent to 1.7 percent. Taxes for someone earning $50,000 would rise $250. (The Reading School District raised its own earned-income tax rate to 1.5 percent in 2007, and the city sends residents one bill for both. That bill now will rise to a combined 3.2 percent.)
Layoffs: 11 police officers, two firefighters, 14 rank-and-file employees. Dozens of other vacant positions also were cut. Reading Public Library: The annual allotment of $483,000 was cut to $200,000.
BARTA: The annual allotment of $120,000 was eliminated.
Berks Community Television: The annual allotment of $180,000 was cut to $100,000.
For the complete story, see Tuesday’s Reading Eagle and readingeagle.com.
I am seriously considering raising my unemployment estimate from 50% to 66% with an eye towards 75%.