DeweyDevil's Blog

Concerns-

1. Crime- Murder Rate out of control

2. School District- underfunded and not working properly

3. Potential of Mortgage Defaults with the Economy- the recent housing boom many homeowners are going into payment shock with adjustable mortgages resetting and no equity to refinance out of these loans.

Solutions-

1. Raise the philadelphia sales tax to 2%. - Put the sales tax on every lunch, dinner and piece of clothing bought. I would exempt automobile and Real Estate from this tax.

If you are paying $1.25 for a soda now would you notice it being 1.27?  No. Also this increases the revenue stream dramatically for the city to fund more police and suppliment educational costs.

2. Issue municipal bonds to cover a special program for home owners that may go into default of their mortgage due to payment shock. Ohio just implemented this program.

The city run program could refinance the homeowner into a fixed 6.75 30 year mortgage.

Why do these two things?  You dont want your homeowners to get foreclosed on. The property tax revenue can be lost rather quickly if the home sits idle for 2 plus years as the foreclosure process drags on. Also home ownership is the most valuable asset in any large city. This is the lifeblood of any city.

The sales tax increase would help create a safer more enjoyable place for people to live and most importantly work.

What concerns do you see and what solutions do you suggest?