Today's headlines on AOL (yes, I am still on AOL)
U.S. Credit Downgrade By S&P Darkens Economic Outlook, Stokes Recession Fears
This got me thinking. What about Mt. Lebanon? Will this affect our Municipal and School District portfolios? According to School District Policy DFA/EPS/NSBA, the investment company is to be rated in the highest category by a nationally recognized rating agency. (S&P?)
I would ask the head of the Audit and Finance Committee this question, but that committee has been eliminated. I would ask at the next Policy Committee meeting, but I see that the next one will be September 6, 2011 at 4:30 again.
Is it time yet to revisit this renovation? According to the School Board, probably not.
1 comment:
Elaine et al.:
Yes - although just how much and for how long remains to be seen. In anticipation of a downgrade, on 2 August 2011 I sent the following message to the Mt. Lebanon Commissioners:
With respect to the proposed 2012-2016 Capital Improvement Plan: In a time of economic uncertainty it is the height of foolishness for a local government to spend money on anything other than essential services – such as a fire department, the police, and infrastructure. This is not the time for Mt. Lebanon to be in the entertainment business. I would request that you seriously consider cutting or totally eliminating funding for superfluous projects, such as the one proposed for McNeilly Park.
I though of sending a similar appeal to the School Board but decided against it on the grounds that it would be useless.
No matter one's personal position on such things as the high school construction project or McNeilly Park, economics is going to dictate the fate of anything other than a municipality's absolutely essential services.
Last week the US debt exceeded 100% of GDP. And if you have the stomach for it, watch Duquesne University Economics Professor Antony Davies spell out this country's dire straits in no uncertain terms: http://www.learnliberty.org/content/how-big-us-debt
Richard Gideon
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