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It's the Economy!

Original post made by Martin Engel, Menlo Park: Park Forest, on Nov 24, 2008

I am amazed that the most important single news item in the world, does not register on this web site. It's the ECONOMY!

The State is $28 billion in the hole for this current budget. Does anyone know how much each of our cities receives from the state? How much does Menlo Park receive, annually, from Sacramento?

Furthermore, will this fiscal crisis in the US and in California affect our budget situation locally? Will it affect San Mateo County? If it is a crisis for everyone else, why isn't it a crisis for us?

Economic projections say next year promises to be worse than this. Will that be true for us in Menlo Park?

Comments (8)

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Posted by Chester Baggins McFly III, Esq.
a resident of Menlo Park: Linfield Oaks
on Nov 24, 2008 at 4:59 pm

"Economic projections say next year promises to be worse than this. Will that be true for us in Menlo Park?"

Assuredly, next year is going to be bad state-wide and San Mateo County and Menlo Park will not be immune. The solution? Let's flush a quick $10B down the High Speed Rail Commode!

CBM


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Posted by WhoRUpeople
a resident of another community
on Nov 25, 2008 at 8:35 am

Of course the economic downturn will not have any impact in Menlo Park. Not in their back yard! And, if it does, its all the fault of Winkler, Duboc and Jellens---somehow..... Seriously, if you were to graph the key economic indicators of a healthy municipal economy (i.e. new business, growing tax revenues, improved infrastructure projects, etc.) the trend in MP is already going down to the right and has been for some time. Will it get worse in the next year? Likely. Because of the general economy? In part, but also it will be because they're still studying the problems instead of implementing solutions.


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Posted by truth
a resident of Menlo Park: Belle Haven
on Nov 25, 2008 at 11:20 am

The above post just shows how dangerously ignorant some folks can be. No knowledge of real finances, no real data mentioned, nothing but ignorant garbage.

Menlo Park won't be immune but you can bet your tail it will come through better off than most of its neighbors in the county.

First, because it did not sell itself out to a single economy like retail as San Mateo did and Redwood City has done.

Second, the reserves in this city far outflank those of its neighbors by a percentage of overall general fund.

And third, the current council is more sober and has a deeper bench strength when it comes to finance then many past councils in this city.

You can howl at the moon all you want...but it won't change the facts.


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Posted by WhoRUpeople
a resident of another community
on Nov 25, 2008 at 2:28 pm

OK, Martin. You have your answer-truth has spoken-yes, Menlo Park will be just fine as the rest of the bay area falls into economic turmoil, but NIYBY: and oh yes there is a santa clause-truth.. But truth, I do have to ask you one serious question; you said MP didn't sell itself out to a single economy: which economies has it partnered with (and PLEASE don't mention the electric sports cars @ $110K/copy or antthing KELLY GREEN) I'm asking about real, proven economies.


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Posted by truth
a resident of Menlo Park: Belle Haven
on Nov 25, 2008 at 2:56 pm

R&D and manufacturing for one, all over our East Menlo industrial district. General Tech business is another. Or are those unproven?

I will not even consider hotel revenue since we can't say whether or not the hotel business is worth mentioning for a while.

Yes, sales tax will drop and property tax will slump a bit. But to sit there and make outlandish comments that have no logical premise is to waste your own time and ours. You can "be a hater" but at least be artful and use data once in a while.


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Posted by Truth Amazes Me
a resident of Menlo Park: Downtown
on Nov 29, 2008 at 9:36 pm

Once again Truth continues to walk that CoFergie line, where his council can do no wrong. Talk about "outlandish comments"! You won't consider the hotel revenue, because your boy Cohen was against it! Meanwhile it just may save the 2009 budget with possibly $1M in Transient Tax Revenue! Retail IS slipping, and continues to slip, we all know why, why continue to debate the eroding commercial district?? One only needs to drive down the street.
R&D and manufacturing financial opportunities are tiny compared to the continued big mistakes of this council. It was great how they delayed the MCC increase the other night, particularly with your girl Fergie not wanting any increase at all. Yes Truth there IS a Santa Claus!


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Posted by Calliope
a resident of Menlo Park: Downtown
on Dec 1, 2008 at 11:22 am

Back to the topic at hand ... I'm worried about our local independent businesses, like Kepler's. One bad holiday season could drive them under.


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Posted by James
a resident of another community
on Dec 2, 2008 at 7:25 pm

We have to look at "the big picture." The days of tunnel vision are over. Our nation better wake up and smell the coffee. With all our bail outs along with the 168 billion economic stimulus package, that btw did nothing for our economy it is hard to understand why our government can't see the need to bail us out of our dependence on foreign oil. The high cost of fuel this past year seriously damaged our economy and society. Why don't we invest in America's Energy Independence. It would cost the equivalent of 60 cents per gallon to charge and drive an electric car. The electricity to charge the car can conceivably come from wind or solar . We need to get on about the business of harnessing these sources of energy. Create clean cheap energy, badly needed new green collar jobs and reduce our dependence on foreign oil. What more of a win-win situation could there be? Instead of spending billions upon billions on bailouts, why don't we instead invest in renewable energy. We have GUARANTEED returns if we do this. I just read a fascinating book by Jeff Wilson called The Manhattan Project of 2009 Energy Independence NOW .This book Is the big picture.www.themanhattanprojectof2009.com


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