Random economic thoughts

Published 12:00 am Friday, April 29, 2005

Gov. Jim Gilmore was back in the news this week. I don't recall the details, but it had something to do with the failed governor forming a group to further his philosophy.

Gilmore, as you may recall n in my case it was via intensive therapy to revive the memory of the horrible event that I managed to block out n drove the state to the brink of financial ruin with his brilliant scheme to eliminate the car tax and increase spending. All I can figure is that the former governor is miffed over the state's improving financial condition and wants to raise money to come up with a plan to end our long nightmare of peace and prosperity n following the lead of President Bush…

Speaking of prosperity n there doesn't appear to be much. Housing starts nose-dived in March. We're in trouble if the one segment of our economy that has been propping us up for five years tumbles. But with interest rates and inflation worries on the rise, it appears to be where we are headed.

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Because of the large military presence, most in building and real estate hereabouts think Hampton Roads is likely immune to any market downturn. Don't count on it. While I hope I'm wrong, all signs are pointing to a difficult period ahead for our economy. All it's going to take is for one of our Asian creditors to decide they no longer have confidence in our tax-slashing, high-spending ways to switch from investing in dollars to euros and we will be hurting…

Speaking of taxing and spending, tonight's Suffolk City Council meeting should be a fun event for those interest in such things n both of you. There could be a decision on the road maintenance issue and I've heard the tax issue is going to be raised. If you attend or watch one city council meeting a year, I recommend it be tonight.