December 1, 2007

 

For Immediate Release

 

ROCKY RIVER – Fred Sokol warns city hall and council not to pass Rocky River’s 2008 spending budget of $65,735,223.00.  A $14,502,024.00 and a 28% increase from 2007’s budget of $51,233,199.00.  As failing mortgages shake the world wide economy.

 

Sokol also points out, “Rocky River’s spending budgets ‘total’ from 1990 through 2008 has increased to: $727,232,004.99.   Cut this spending nightmare before it’s too

late!”

 

Sokol says elected Rocky River officials should heed this economic expert’s view of the economy.  "We haven't faced a downturn like this since the Depression," said Bill Gross, chief investment officer of PIMCO, the world's biggest bond fund.” (“Mortgage Failures Could Create Nightmare” NEW YORK (AP) 11/24/2007)

 

The economic expert also says, "Its effect on consumption, its effect on future lending attitudes, could bring us close to the zero line in terms of economic growth," he said. "It does keep me up at night." (“Mortgage Failures Could Create Nightmare” NEW YORK (AP) 11/24/2007)

 

“Failed, mortgages could very well bring down the global economy,” says Sokol. “Rocky River city government will surely take a hit with lost tax revenue forcing major cutbacks of city operations and services to which we are now accustomed.” 

 

“Cut unnecessary city spending by 25%, not increase spending by 28%” reasons Sokol.  “Spending less NOW, will give Rocky River city government, the ability to operate and endure when the economy does collapse.”

 

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