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In a full, regular session CM Bernie Lynch made his case for what he views as the most fiscally prudent way forward, taking into account the $6.4Million the Commonwealth has certified as Free Cash. The CM presented a detailed slide presentation in an effort to convince a majority of the City Council to support his fiscal sensibilities. Your mileage may vary, but Lowell is doing swell on so many fronts. Shouldn’t we just follow along?
A lazy man may say “Yes.” But, we have a Plan E Charter and our Council cannot, in good faith, simply roll over should this manager, or any manager, wink. Fortunately, CM Lynch presents a very solid case for the fine shape we are in. That fact makes it that much tougher to recklessly bat at his logic.
Below we find two of Lynch’s favorite metrics: Cash Reserves & Excess Levy Capacity
These metrics are measures of frugality. We don’t blow our budget and we don’t, contrary to popular myth, tax Lowellelians to death. (The last point drives UTL President Paul Georges nuts.) The take away here is that it is good to build up a rainy day fund, while concurrently leaving money in folks pockets. Some may argue that raising taxes EVER is a torrential downpour. They are full of crap, imho. Next…
Speaking of Senator-elect Elizabeth Warren, if you haven’t heard it yet, she will be in Lowell this weekend on a stop of her “Starting with People” tour, Saturday, Dec 8th, at 5:30pm at Hookslide Kelly’s at 19 Merrimack St. I’m sure the turnout will be pretty big, with lots of notables on hand.
Then the real work will begin for our new Junior Senator!
Elizabeth Warren, despite the all-out, and early, Wall St lobbying in opposition, has been nominated to the Senate Banking Committee, where she can do the most good for the economics of the middle class.
Warren’s big claim to fame, after all, is her long study of economics, bankruptcy, housing markets, and other family finance concerns. She cut her political teeth in her opposition in the late 90s on opposing the bank-and-credit-company backed bankruptcy reform, which initially was successfully fought off, until under the Bush administration it passed, with the support of formerly-opposed, newly elected Senator Hillary Clinton.
Putting this woman in the position of safeguarding her best political triumph, the Consumer Financial Protection Bureau, and doing more work of the same, is the obvious choice. But it was never assured, due to the influence Big Finance has in D.C. So I’m glad the Dems are starting to really buck their capitulating ways (Exhibit B: Obama is not pre-negotiating with himself on the “austerity crisis”). Maybe there’s something salvageable about the party on the federal level after all!
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