Headlines Sound the Alarm about Deeper Economic Problems
By: Paul Mladjenovic
Wed, Aug 25, 2010
The following three headlines are alarming symptoms of the economic insanity unfolding before our eyes:
1.”Philly requiring bloggers to pay $300 for a business license”
2.”LA unveils $578-Million school, costliest in the nation”
3.”Record Number Of Americans Using Retirement Funds As Source Of Immediate Cash”
Yes, those are actual headlines. They may seem like random and disjointed stories but really they are connected to the same economic and financial crisis that is here now and threatens to get much worse.
Philadelphia is forcing bloggers that make little or no money cough up $300 for what is annoyingly labeled a “Business Priviledge Tax”. The struggling city is searching for new revenue to pay for their over-spending. This silly tax may yield some modest revenue for the city but the unintended consequence will be to chase away budding entrepreneurs. In other words, they will get much less revenue than they think. This is at a time when they desperately need to attract and encourage entrepreneurs.