As Caterpillar layoffs continue and white collars work under stress of potential layoffs, as Caterpillar stock drops to $22 and change today, down from its high of $85, meaning someone who bought say one thousand shares and held is now out on paper $60,000, as the stock market continues to tank, as business fold in Peoria at what appears to be an accelerated rate, as the world appears to near a depression, Caterpillar and the museum backers charge on to build another unneeded amenity to the community, sticking taxpayers with a never ending tax. Those in charge say it will end in 20 years after taking $72-80 million out of buyers hands. You know, they could spende these high millions going for interest payments for, say, merchandise. What a novel idea! How many taxes once enacted ever go away? Maybe a new referendum and if that fails then what? The Riverfront Museum will join the other white elephants that dot the Peoria landscape.
So how do you feel if you have no job at Cat anymore but Jim Owens got his option stock, the managers get their bonus and you get a $40-50 million dollar Visitor Center, with a $2 million a year operating cost; a center they never actually wanted or they would have built it years ago? But you can visit it for free.
Maybe you feel a little like stockholders who ask, upper Cat management is doing fine, one just built a several million dollar home, what about the stockholders who thought Cat executives knew what they were doing?
Not only do they not go away, taxes are coming at an ever accelerated rate in Peoria.
I believe as Peoria gets more and more government workers; Obama believes bigger government is the answer to our problems, when most people with a modicum of common sense knows that bigger government IS THE PROBLEM, that the push toward a socialistic type government abetted mainly by the Democrats and stealthily supported by a number of Republicans and Independents, maybe those of us who support the private sector as the way out of our morass, maybe Peoria will wake up, the call I have been making for going on 2 decades.
BelWood, administration and most board members are pushing for a $39 million and rising new building, with rooms that will eventually be available at between $200 and 300 a day. The building will be built with bonds costing taxpayers another $40 plus million over 20 or more years.
Hold on to your pants, those of you in the private sector, your wallets and purses will be gone in the next decade. Look at the evidence as detailed in my blogs starting with "Missed Projections", dated October, 19, 2008.
Don't forget the new library, $28 million financed through new [property taxes or new bonds, still taxes, the new schools, the new downtown hotel, the potholed streets and crumbling curbs, the Civic Center expansion of $55 million, look out here with conventions competition growing and conventions shrinking, and oh, yes, the hundreds of millions for sewers and our drinking water lines in need of millions in replacements, am I making you feel good. I hope not so you will help me to sort out the priorities for this community that I think have gotten lost in our rush to "keep up with the Joneses".