The Federal government has just bailed out one large bank, proposals are being reviewed to bailout individual home owners who are over-extended, but their is no discussion about bailing out junior jurisdictions which rely heavily on property taxes for the bulk of the revenues.
The state of New Hampshire relies heavily on the property tax. If 7% of home owners are to suffer foreclosure, New Hampshire's revenue will fall by a similar amount.
The congressional delegation should be lobbying hard to have a federal bailout for the towns, cities, and states who are innocent victims of the mortgage mess.
Sent to Manchester Union-Leader