Tuesday, August 17, 2010

Nevada Facing a Depression Not a Recession

Nevada was once a nationally recognized state leading the nation in job creation, economic growth and prosperity. That was then and this is now. Today, Nevada has the highest foreclosure and bankruptcy rates in the nation and real unemployment of 18% or more. The situation is dire as Nevada is facing an economic Depression, not a Recession. The boom has turned into a real bust and it is getting worse not better.

The Obama/Reid/Pelosi SwindleUS Plan has done nothing to make things better in Nevada, which is symptomatic of the entire nation. Though Obama's Trillion Dollars in deficit spending may have saved some public sector jobs, it has been at the expense of the private sector, so there are has been no new net job creation as a result of Obama's Socialist economic policy. In fact, since Obama's SwindleUS Plan was enacted into law, 3 million jobs have been lost and Nevada soared to the highest unemployment rate in the country. Of course, it did not help when Obama told businesses not to come to Nevada for conventions and tourists to save their money and stay home, as well.

In addition and because of Nevada's high foreclosure rate, residential property values have fallen by 40 - 50%. Most homeowners are under water meaning that their homes are valued at less than their mortgage amounts. As such, most home sales are either short sales, approved by the bank holding the mortgage, or foreclosures as homeowners just give the keys to the bank and walk away. The problem is most acute in Las Vegas; but Reno as well, Nevada's other population center, is also in big trouble. Many in Nevada have lost everything either related to their homes, or their businesses that are bankrupt. It is very sad indeed and could have been prevented.

Nevada has lived off gambling revenues as its main source of income and property and sales taxes for years. There is no personal, estate or corporate income tax in Nevada, which has always contributed to the state's growth in the past. Since tourism and convention business are way down, gambling revenues are way off. And, residential property values have fallen so much, that property taxes have automatically adjusted downward causing a $3 Billion state budget deficit. Of course, the Socialists in Nevada, as in the United States Congress, want to raise taxes, which would be the nails in Nevada's coffin.

Most important, politicians of both political parties have done little to diversify Nevada's economy and in fact Socialist Senator Dirty Harry Reid, running for re-election to his fifth term, single handedly stopped the development and start up of Yucca Mountain, after the federal government invested $13 Billion in that facility. Yucca was to become the nation's nuclear waste repository, 100 miles from Las Vegas, out in the desert. Thank for nothing Dirty Harry!!

Had Yucca Mountain opened a few years ago, it would have created thousands of jobs and even more if Yucca had been turned into a nuclear reprocessing plant as occurs in countries like France where 96% of nuclear spent fuels are reprocessed for additional use making the waste problem minimal. Nevada desperately needs Yucca Mountain and a nuclear industry to help diversify the state's economy now more than ever. Yucca, like many other energy related initiatives, has been stopped by Socialists and environmental wackos, which is destroying the US economy.

Socialist Senator Dirty Harry Reid has brought hundreds of millions of dollars in pork barrel spending to Nevada; yet the state has the highest unemployment, foreclosure and bankruptcy rates in the country proving that government spending is not the answer. Nevada's future, and the only way to achieve economic growth and prosperity again, is by growing the private sector, which is the case all over the nation. Obama, Reid, Pelosi and all of their Socialists supporters need to get out of the way. These Socialists are the problem not the solution. It should be obvious to any thinking American, not on the dole, that we need to throw these Socialists out of office to achieve job creation, economic growth and prosperity in our nation once again.

It is very sad to see what is happening in Nevada and some other states facing a Depression, not a Recession, which is another reason we must elect Conservatives in 2010 and 2012 who support free market capitalism, limited government, lower taxes and less regulation, a balanced budget, term limits to help end the corruption in Washington, a strong national defense, including securing our border and fighting Terrorism, real energy independence and health care reform, the right to bear arms, the sanctity of life and family values. This is the winning platform supported by the majority of the American people and the only way to create jobs and restore economic growth and prosperity.

Most important, we must sweep Socialists like Senator Dirty Harry Reid and Congresswoman Dina Titus, both from Nevada and many others, out of office by electing Conservatives who support the Constitution, as written by our Founding Fathers, not as contrived by Socialists Obama, Reid, Pelosi, Titus, former Presidents, Congresses, or the Courts. We must take back our country in 2010 and 2012 to restore economic growth in states like Nevada and across the nation. We can do it. We must do it to preserve our freedoms, our nation and way of life and for the sake of our children and grandchildren.

P.S. Click on the Candidate Endorsement section of the National Freedom Forum to contribute monies to Conservative candidates to help take back our country. Do it now.

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