The DeHavilland Blog

Friday, October 19, 2007

Housing slump and tax collections

From an article in The Atlanta Journal-Constitution on October 12, which starts with the following:

Georgia's tax collections fell slightly last month, following a trend across the country where the housing slump has begun to affect state budgets and sparked talk of spending cuts for education and health care.

Read the whole thing here.

Hat tip to Rory at Parentalcation, who connected the housing slump with education funding well before I did.


  • Oh... one more thing.

    The housing boom has fueled the building of new schools in many areas. With new housing starts at a virtual standstill, new schools won't be built as fast, contributing to overcrowding at existing schools.

    Thanks for the shout out.

    I am a bear when it comes to the economy over the next few years. Just as the slump is turning out worse than many main stream economists predicted, I think the overall economy will also be dragged into recession.

    Many housing sector jobs are off the books and not reflected in unemployment figures. Additionally, equity gains and loans have been helping fuel our economy. With the credit crunch, people will pull back in spending.

    Watch the christmas numbers... I predict it will be a lot worse than expected.

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