bottom line would appear to be that in areas where gov't agencies decided to invest tax revenue surpluses in SIV's and CDO's have 'lost' part of the money they have already taxed their citizens for. Now they get to raise taxes to not only meet current gov't payment obligations (welfare checks, civil service employee checks) that can't be met by revenue surplus dollars that no longer exist, but also must raise taxes enough to replace those SIV and CDO losses to keep the state / local gov't budget balanced as mandated by law.



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