Hate to derail your Republican train again, but I work in Vegas. Our housing market decline is not the result of an evil Democratic plot. But, mishandling of the economy by the Republicans. Here are the issues that affected our economy
1. Deregulation of the banking industry under the Bush administration allowed middle income families to get loans for homes they otherwise couldn`t afford. Now many of these people are defaulting on their loans.
2. Skyrocketing gas prices due to "Futures traders" artificially inflating demand for petroleum products. There were many who asked the Bush administration to look at curbing this practice. But, the request fell on deaf ears, possibly because many of Bush`s advisers were from the oil industry.
3. The increasing minimum wage has also had a major impact. The wage increase in turn raised the operating cost of many businesses. These businesses in turn laid people off and or raised the cost for their goods and services. Another legacy of the wage increase has been a reduction in the number of people getting hired for minimum wage jobs. College students, high school and unskilled laborers are the hardest hit.
4. Also, with the decline in the economy, many people curtailed their travel plans. This had a major impact on Las Vegas and the state of Nevada overall. You see, the gaming / hospitality industry in Las Vegas accounts for approximately 80 percent of the state`s operating budget.
The gaming industry is also the larges employer in the area. It`s common right now for gaming / hotel properties in this area to lay off anywhere from 2000 to 10,000 employees at a wack. These layoffs have resulted in approximately 150,000 local residence loosing their jobs. When people loose their jobs, they forfeit their homes.
These are the issue affecting our housing market. Not some mythical evil plot by President Obama or even the Democratic Party. And, these issues existed before Obama took office.
nevadascul7/4/2009 4:03 PM
The older we get, the more excuses we make for not chasing after our dreams. But truth is, goals are attainable at any age.