WY Baby Boom/10 Yr. WY economic outlook (low income, lease)

[msdmckee]

Makes good food for thought.

Have a go at reading this: http://eadiv.state.wy.us/wef/Outlook2007.pdf

Forecasts are hard to get "right", but the trends WY has been following for the last several years in comparison with the rest of the US are quite interesting. A thoughtful read on that subject can be found at: wyoming baby boom

Other thoughts, comments and insights are welcomed for discussion!

[Kristynwy]

Very interesting articles thank you for sharing.

To me this is the best paragraph.. maybe I am biased cause I am a younger wife and mother... But this paragraph really stood out to me...

" But to give young people an incentive to stay we still have work to do. Take housing, for example. Those seeking their first Wyoming home are trying to buy into their parent's housing market, and in a boom, no less. They can't do it. So why is Wyoming trying to give property tax breaks to senior citizens, as we tried to do last legislative session? It's the young homeowner who needs the break. "

[sunsprit]

Originally Posted by Kristynwy

Very interesting articles thank you for sharing.

To me this is the best paragraph.. maybe I am biased cause I am a younger wife and mother... But this paragraph really stood out to me...

" But to give young people an incentive to stay we still have work to do. Take housing, for example. Those seeking their first Wyoming home are trying to buy into their parent's housing market, and in a boom, no less. They can't do it. So why is Wyoming trying to give property tax breaks to senior citizens, as we tried to do last legislative session? It's the young homeowner who needs the break. "

The proposed property tax break was for senior citizens of low income, generally fixed with retirement income based upon a regular income of a standard from a long time ago.

With the increased valuations of properties, the tax burden on a place has outstripped the financial ability of many seniors to be able to pay. So, through no fault of their own, they are having to sell the places to be able to afford to live. I'm seeing that with an 80 year old neighbor right now; he's on a pension from the power company that was set long ago at the prevailing wages during his working years (38 years with the company), and his house in on a section of land he used to run cattle on ... which is now in the "heart" of 40 acre "ranchettes" development area. The lease income from running cattle there today barely pays his taxes and maintenance on the property.

He's already sold two 40 acre chunks to help with taxes and medical expenses; his wife has back problems and now, cancer. When he sells the balance of the property, he won't have enough money to buy a place that's any less expensive to live in. Because the modest houses that he could live in closer to town are now so high priced that it would take all of the proceeds from his current place to buy them ... and the taxes are in step with that inflated cost.

So, that's why property tax relief for seniors on low/fixed income is a desirable move at this time. It's that, or have these folks become dependent upon public assistance for housing because those seniors have no means to earn inflated dollars to pay for inflated property values. Young folks have the opportunity to earn inflated dollars in today's market to buy those inflated valued properties ... even if they feel they've been pushed out of the market due to other economic forces, such as resort/recreation values putting the prices ahead of the working class economics. That's happenning all over the country, not just in Wyoming.

[Kristynwy]

Originally Posted by sunsprit

The proposed property tax break was for senior citizens of low income, generally fixed with retirement income based upon a regular income of a standard from a long time ago.

With the increased valuations of properties, the tax burden on a place has outstripped the financial ability of many seniors to be able to pay. So, through no fault of their own, they are having to sell the places to be able to afford to live. I'm seeing that with an 80 year old neighbor right now; he's on a pension from the power company that was set long ago at the prevailing wages during his working years (38 years with the company), and his house in on a section of land he used to run cattle on ... which is now in the "heart" of 40 acre "ranchettes" development area. The lease income from running cattle there today barely pays his taxes and maintenance on the property.

He's already sold two 40 acre chunks to help with taxes and medical expenses; his wife has back problems and now, cancer. When he sells the balance of the property, he won't have enough money to buy a place that's any less expensive to live in. Because the modest houses that he could live in closer to town are now so high priced that it would take all of the proceeds from his current place to buy them ... and the taxes are in step with that inflated cost.

So, that's why property tax relief for seniors on low/fixed income is a desirable move at this time. It's that, or have these folks become dependent upon public assistance for housing because those seniors have no means to earn inflated dollars to pay for inflated property values. Young folks have the opportunity to earn inflated dollars in today's market to buy those inflated valued properties ... even if they feel they've been pushed out of the market due to other economic forces, such as resort/recreation values putting the prices ahead of the working class economics. That's happenning all over the country, not just in Wyoming.

Thanks for your reply. I should have elaborated my response more. I think the relief they are giving Seniors is wonderful and very much needed. I see how my grandma is living in Oregon, and how Seniors all over the country are getting priced out of their own properties sometimes that has been around for many generations ect. and many worked hard all their lives to be forced to deal with inflation.

In Wyoming, I just wish they would go a little bit farther for the young people. I think the program like the Hathaway Scholarship is a start.
There is a big perception sometimes that young people will automatically go after the jobs that make inflated wages. However my husband is an example of a young man that isn't after money, just providing for his family through a skilled trade. However, to be a single income family or work in a trade it is really hard right now, hence the reason many have had to leave their regular jobs for higher paying "energy" jobs.

The sad thing there are many men like my husband (has two college degrees & lots of experience in a trade) and are just barely making it.. A young person is no longer rewarded for going to school and acquiring a skill, depending on the field they are going into. It used to be the other way around. I guess those who are money driven and don't care who or how inflation squishes the rest of us in the background (the working poor) are really who is to blame in addition to the lack of credibility politically on a national level.

So really I think you are right, the bigger picture of the issue is inflation and our weak dollar right now. It is hurting all generations, each generation is suffering one way or the other. I just hope things turn around in the next few years... Only time will tell...

[msdmckee]

I am heartened that the Gov't of WY is taking the lessons learned in the '80s forward and applying a "save some for the future" mentality.

In the 80's many young families tried to make it here, and did quite well for a time. If your job leaves/evaporates, you must get another or leave as well. It is called diversify or die.

For the last several years, the population was "aging". It is good to see it getting "younger". We, as a nation, have become unmindful in our treatment of both our children and our elders. And, as a nation, we have placed too much of the financial burden on the middle class.

We have bucked some of the national trends for the time being, but if we again rely too heavily on one basket of eggs (coal comes to mind) it's back to square one.

[Kristynwy]

Originally Posted by msdmckee

I am heartened that the Gov't of WY is taking the lessons learned in the '80s forward and applying a "save some for the future" mentality.

In the 80's many young families tried to make it here, and did quite well for a time. If your job leaves/evaporates, you must get another or leave as well. It is called diversify or die.

For the last several years, the population was "aging". It is good to see it getting "younger". We, as a nation, have become unmindful in our treatment of both our children and our elders. And, as a nation, we have placed too much of the financial burden on the middle class.

We have bucked some of the national trends for the time being, but if we again rely too heavily on one basket of eggs (coal comes to mind) it's back to square one.

Great points! I couldn't have said it any better

[ElkHunter]

Hey! What do you mean we are aging? hahahahaha You are absolutely correct. We did age and we learned. Now if the next generation would learn from our spills, then it would be better.