Jacksonville Floridas Economic felon for City Budget
Local government funds atomic number 18 being manage in many departments in the metropolis of Jacksonville, Florida. These budget cuts ar being made because of the status of our sparing. Our economy is currently on the brink of going in and place of a recession since the recession in 2008. There are many factors that contri plainlye to the current status of our economy. One whopping factor is when the housing mart and the way the standards for mortgages. These standards included alter gold for homes to anyone and everyone regardless of income or credit rating. It indeed became a ripple effect to the banking industry. Then in turn, the stock market had dropped very quickly, about 50% from its highest point in 2007. When the set of houses went down from all this, property taxes went down as well. This affects the money the local government has to spend.
With the economy declining, millions of people are losing their jobs delinquent to lay offs and bankruptcy. Job security and consumer confidence went down drastically. non only is our economy in a recession but also people are not spending money. This demeanour in a recession instantaneously becomes a paradox of thrift.
According to he circular flow; when the consumer confidence goes down, the heart of consumption goes down. When the amount of consumption goes down, the Gross Domestic proceeds goes down. Next, the firms dont lend money to the financial markets, which then affects the amount the government borrows. This leads us to where our government spending has to cut certain(a) things out of the budget.
Budget cuts are always happening, in all communities, because there is some unnecessary funding of certain things. With the status of the economy, our government spending has to decrease because there is not enough money to pay for everything, so cuts have to be made. There have been so many budget cuts that now it has reached to necessary things...If you want to get a full essay, ensnare it on our website: Ordercustompaper.com
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