Investors on Wall Street aren’t the only people praying for a bailout.
In addition to the pressures many of us have been enduring at the pump and the rising costs of other essentials, Tallahassee now has another brunt to bear.
Because the city is attempting to recover millions of dollars as a result of soaring natural gas costs, electric bills are set to go up by 8.3 percent for
Tallahassee residents today. According to a report in the Tallahassee Democrat, between July 2007 and July 2008, the cost per unit of natural gas increased almost 47 percent, from $7.98 to $11.70.
The significant rise in costs for the city swelled from $15.7 million in July 2007 to $26.2 million.
This will certainly be a huge blow to the pockets of struggling students, as well as the city’s hardworking residents.
Many people were banking on congress passing the “Bailout Bill,” which would have stimulated the economy with a whopping $700 billion and eventually revived the nation’s failing market.
But with a majority of congress members rejecting the bill, the university and residential community will have quite a while to wait for the trickle down effect to take place.
Although there are not too many people around old enough to remember what the Depression felt like, it seems like we may be taking a trip down memory lane sooner than later.
Yewande Addie for the Editorial Board.