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Mayor Jerry Sanders today (Oct. 14) revealed how deeply the City is in an economic hole. Unwittingly, he also revealed how he did not understand and plan for the woes that were all but inevitable two or three years ago. Sanders said the City would have a $43 million deficit this fiscal year; property and sales tax receipts are down and tourism revenues are falling. The City will have to "curtail programs and close facilities that enjoy broad public support," he said. Then he revealed his ignorance: "The economic calamity that began on Wall Street is now hitting home," he declared. Actually, San Diego's recession preceded the one that is plaguing the nation. Real estate prices zoomed at scary rates in the early part of the decade, peaking in late 2005. As early as 2006, savvy economists sensed what was coming -- a bubble bursting ignominiously. San Diego's employment has been dropping for months -- not just after Wall Street's calamity hit. San Diego's home price declines are among the biggest in the nation; that was predicted by economists who understand that what goes up ridiculously may also come down ridiculously. The Sanders administration had plenty of time to plan for lower tax receipts and service cutbacks, and apparently didn't do so. Then Sanders really showed his ignorance. He said he would be willing to help lead a "regional approach" to building a stadium for the Chargers. In intelligent circles, there is an awareness that in this credit crisis, sports facilities won't -- and ethically shouldn't -- be able to get either loans or subsidies. Sanders also wants to plunge ahead with the proposed third-phase expansion of the convention center. He quoted statistics on the center's contribution to the economy that have always been dubious. The idea should be shelved for now. Unfortunately, it's too late to shelve Sanders and his gang, still completely controlled by the real estate development industry.
Mayor Jerry Sanders today (Oct. 14) revealed how deeply the City is in an economic hole. Unwittingly, he also revealed how he did not understand and plan for the woes that were all but inevitable two or three years ago. Sanders said the City would have a $43 million deficit this fiscal year; property and sales tax receipts are down and tourism revenues are falling. The City will have to "curtail programs and close facilities that enjoy broad public support," he said. Then he revealed his ignorance: "The economic calamity that began on Wall Street is now hitting home," he declared. Actually, San Diego's recession preceded the one that is plaguing the nation. Real estate prices zoomed at scary rates in the early part of the decade, peaking in late 2005. As early as 2006, savvy economists sensed what was coming -- a bubble bursting ignominiously. San Diego's employment has been dropping for months -- not just after Wall Street's calamity hit. San Diego's home price declines are among the biggest in the nation; that was predicted by economists who understand that what goes up ridiculously may also come down ridiculously. The Sanders administration had plenty of time to plan for lower tax receipts and service cutbacks, and apparently didn't do so. Then Sanders really showed his ignorance. He said he would be willing to help lead a "regional approach" to building a stadium for the Chargers. In intelligent circles, there is an awareness that in this credit crisis, sports facilities won't -- and ethically shouldn't -- be able to get either loans or subsidies. Sanders also wants to plunge ahead with the proposed third-phase expansion of the convention center. He quoted statistics on the center's contribution to the economy that have always been dubious. The idea should be shelved for now. Unfortunately, it's too late to shelve Sanders and his gang, still completely controlled by the real estate development industry.