"Reliable Municipal Bonds are anything but reliable"

Another excerpt from The Market Oracle. Their predictions about the municipal bond markets should give you a clue about why the politicians tell you property tax repeal math is not possible.
It's not the math that makes it impossible.
-HFFT

" The US federal budget deficit for February was released and it widened to a record $175 billion dollars as the weakening economy reduced tax revenues for the second consecutive month. Revenue last month declined 12.1% while spending increased 17.1 percent. I promise you this collapse in revenue and spike in costs is being echoed on all levels of government -- state and municipal as well. Supposedly reliable Municipal Bonds are anything but reliable and you can watch for an unfolding cacophony of INCOME woes from this sector. For the first time in almost 5 years, American household's net worth declined according to figures released by the Federal Reserve. Data showed total household net worth declined $533 billion dollars to $57,718 billion in the forth quarter, as declining stock prices added to the damage of falling home values. "

Here's another excerpt:
"Higher taxes loom throughout the G7 to pay for ESSENTIAL services, aka patronage and paybacks to special interests. And now we learn the definition of rich in America , which is anyone making OVER $31,800, as the 2009 budget raises taxes on anyone above this level. As they inflate the money supplies, EVERYONE will now be RICH because their wages inflate as well. Trillions of dollars of higher taxes loom in the G7, for what reason? To pay the higher bills which are a natural consequence of this systemic inflation . Carbon taxes and socialized medicine are next onto the taxpayers tab. Do you think this will spur income, job creation and tax receipt growth? We are now in the most vicious of circles!

How will they make these payments? By inflating the money supplies until we reach the ultimate result seen throughout history in FIAT currency experiments -- they will fall to the intrinsic value of the paper, in other words ZERO! "

http://www.marketoracle.co.uk/Article4047.html