Homeowners; Foreclosure; Taxing Entities

What is the common thread? Bit off more than they could chew when the 'good time were rolling'! The latest downfall in our economy per the experts was caused by folks getting more credit than they deserved. Consumers over extended and living beyond their means, i.e. getting more house than they could afford. What does all this have to do with taxing entities?

It appears that some of our taxing entities were living the good life at the expense of all those folks who ended up having a difficult time making the mortgage payment. The tax roll inflated with all the new homes being purchased by folks who in the end could not afford to keep up the payments.

I really like the story line out of Irving, Texas:

Manager's pay raise put on hold...................It's not the right time, council member's say, with $12 million shortfall, but he has done a good job. Sounds like the manager did a great job of not planning, and now there is a $12 million shortfall. It appears our taxing entities failed to plan and now they want the taxpayers to bail them out with a tax increase in order for them to keep spending the same amount of money they spent when times were good. Dang, wish my personal budget worked the same way. However, I have to tighten the belt and cut back. Taxing entities say they are cutting back; however, they are afraid they want be able to provide good customer service. What ignorance!

The story line out of Lewisville...............Tax increase eyed to close budget gap for Lewisville ISD. These folks did so well in the good times they have managed to accumulate a $100 million surplus and build a new sports stadium super complex at the expense of taxpayers. Now they want to 'hose' the taxpayers again with a tax increase. Perhaps the better option is to roll some heads and cut some programs. Get back to basics. Gosh, I forget they don't teach basic personal financial skills in the classroom these days. Guess this is something students just don't need to be successful. Has this not proven true with the housing bust? Folks biting off more than they could afford due to a lack of personal financial knowledge. However, it was really the financial institutions fault for talking them into taking the loans in the first place.

Folks I don't know about you, but I just don't know that I have any more to give. I used to have change in my pockets on a daily basis and now it is only there twice a month. If they want it all I guess we need to just cave-in and let'um have it. I can live in the woods under a tree, and fish for my meals. Wait, that is not possible for I am sure there is some law against that as well.