A budget deficit. Plunging home values. Record foreclosures. Rising unemployment. Increasing bankruptcies.
Must be Michigan, right?
No, it's not the Rust Belt, but the shiniest buckle on the Sun Belt -- Arizona.
Consider these recent headlines from the Arizona Republic and elsewhere:
Lawmakers Set to Target Deficit.
Napolitano Expands Plan to Erase Budget Shortfall.
Legislators Weigh Dire Revenue Forecasts.
Bankruptcies Rock Valley, Arizona.
New Housing Outlook, 5 Years to Recover.
Arizona Jobs Data May Portend Trouble.
Unemployment Up in County, State.
Trustee Sale Notices Are a Sign Foreclosures May Speed Up.
Arizona Real Estate Outlook Bleak -- for Now, Experts Say.
Beneath the headlines, the news is not any better. As one article noted:
"The short-term outlook for Arizona's real estate remains bleak, with experts expecting more price declines and thousands more foreclosures in 2008.
Lagging job growth and an expected slowing in population growth are adding to the state's housing woes, local economist Elliott Pollack said."
Michigan and Gov. Jennifer Granholm are not alone in dealing with economic troubles. This is a national problem that demands a national solution.
No comments:
Post a Comment