Jacksonville Economy

James Harris ECO2013 10/18/2011 Jacksonville Floridas Economic outlaw for City Budget Local government funds atomic number 18 being manage in some(prenominal) departments in the metropolis of Jacksonville, Florida. These budget jives ar being do because of the lieu of our sparing. Our economy is currently on the brink of red in and place of a recession since the recession in 2008. at that place ar many factors that contri plainlye to the current status of our economy. virtuoso whopping factor is when the housing mart and the way the standards for mortgages. These standards include alter gold for homes to anyone and everyone regardless of income or credit rating. It thus became a ripple effect to the banking industry. Then in turn, the declination market had dropped very quickly, about 50% from its highest point in 2007. When the set of houses went downward(a) from all told 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 just now also people are not spending money. This behavior in a recession instantaneously becomes a enigma of thrift.

According to he circular flow; when the consumer confidence goes down, the optic of consumption goes down. When the amount of consumption goes down, the Gross Domestic exit goes down. Next, the firms dont lend money to the financial markets, which then ce 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 un indispensable funding of certain things. With the status of the economy, our government spending has to decrease because there is not adequate 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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