Legislators take warning. The latest housing news should quell any desire to increase spending ? and taxes ? during the 2008 session.
Housing sales fell by about 30 percent, as did the total dollar volume of units sold in the Baltimore region over the past year ? even as prices rose slightly in the area during the same time.
This news follows reports of weak retail sales in December, decreased consumer spending, increased delinquencies on some consumer credit cards and higher unemployment nationally, prompting Federal Reserve Chairman Ben Bernanke to last week pledge “substantive additional action” to prevent a recession.
All of this is happening as gasoline prices soar ? a particular burden for Marylanders, as we have some of the longest commute times in the nation ? and as home heating and food prices rise. So pay attention legislators.
All we hear about is your agonizing over how $1.4 billion in new taxes is not enough to pay for the state budget. How about inviting some of the computer services businesses you just decided to slap with a 6 percent sales tax to Annapolis to seek input on how that burden will affect them ? and all of us. Economic forces greater than 188 of you ? 141 delegates and 47 senators ? shape our well-being. Tread softly or you may crush us. Some of us shall not crush quietly.
