One in 157 Florida homeowners are in foreclosure proceedings. Sound Advice is shuttering its 22-store, Florida-bred chain by year's end. A pair of Tampa Bay Chevrolet dealers are out of business. Put simply, don't expect Florida's economy to rebound anytime soon.
But that's exactly what Gov. Charlie Crist and the Republican leaders of the Florida Legislature are banking on. Even as Wall Street and Washington rush to adapt the federal financial bailout to the deteriorating economy, Florida's leaders are standing by, going along as if plans made in May can still work in November if the state just keeps dipping into reserves and other accounts. That only delays the tough decisions, and the governor and the Legislature cannot continue to put off the inevitable.
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