Nevada Economy Continues Its Downhill Slide
Saturday January 3, 2009
Nevada's economic numbers continue to deteriorate. Major revenue sources for the state and its counties, sales tax and gaming, are both down significantly from a year ago, continuing a trend that shows no signs of turning around. What's going up is the unemployment rate. Here are some sobering statistics, provided by the Center for Business and Economic Research at the University of Nevada, Las Vegas.
- Nevada unemployment rate - 7.4%. U.S. unemployment rate - 6.5%
- Washoe County unemployment rate - 6.9%. Year ago - 4.4%
- Washoe County taxable sales - down 9.2%. Nevada - down 5.2%
- Washoe County gaming revenue - down 20.5%. Nevada - down 5.4%
- Washoe County visitor volume - down 11.8%. Nevada - down 11.5%
- Washoe County residential construction permits - down 62.9%
- Washoe County commercial construction permits - down 79.4%
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Forced Health Insurance Costs Will Cause Lower Home Selling Prices/Cause Local Governments To Layoff Government employees:
Forced Health Insurance with or without a Public Option will affect the ability of middle class Americans to qualify for mortgage loans, lower home values and collected property taxes—causing local governments to layoff government employees. Millions of families that cannot afford to pay both forced health insurance and their home mortgage or rent, will have to pay Opt-Out penalties with money they might need for medical expenses. Citizens caught in this position, which there will be millions will not be considered poor for federal assistance to purchase health insurance. Middle class home buyers stabilize the housing market, but many will have to Opt-Out buying health insurance to eliminate that debt, to qualify for mortgages. The Obama government pumped up the housing market with billions of Tax Dollars and home buyer incentives. But forcing expensive health insurance and preceding taxes on Americans will disqualify home buyers needed to support home selling prices/property values that secure trillions in bank mortgages. Historically fewer home buyers has lowered home selling prices and caused a reduction in property taxes—forcing local governments to layoff workers and ask federal agencies for money; increasing federal deficits. Stagnate or declining home sales generally cause increasing unemployment in construction, manufacturing, financial institutions and other industries dependent on a stable housing market.