Florida Congressman Discusses the Role of Credit Unions in the Economy

Florida Congressman Alan Grayson is featured in the following video. 

In the video, Alan Grayson discusses Credit Unions and their positive role in the current economy. Although these are difficult times, credit unions are doing more than their fair share to restore the American economy to normalcy. While other businesses are looking to make a quick buck, credit unions are attacking the root of the problem and helping communities to rebuild from the bottom-up. 

Retirement Visas May Save Florida Real Estate Market

Florida is considering the implementation of a federal retirement visa policy in order to create new jobs, increase economic output and put more money in Floridians' pockets. The creation of a retirement visa may advance investment and demand in the Florida real estate market, which would benefit Florida as a whole. 

A retirement visa is an immigration authorization that allows foreigners meeting asset and age requirements to retire in the U.S. Currently, this special immigration program does not exist in the United States.

It is projected that hundreds of thousands of jobs will be created and sustained from the increased investment in the housing market if the retirement visa is implemented. By 2018, an additional $25 billion in gross state product, $44 billion in total sales and $15 billion in Floridians' disposable income could result from the immigration program. 

The retirement visa would attract long-term visitors from around the world who are willing to invest and consume in Florida. With a large percentage of foreign home buyers living in Florida already, this is a creative and new option which may have a positive effect on the housing market and Florida's economy as a whole. Nearly 30% of real estate transactions in Florida are with an international buyer, but the current immigration laws prohibit many foreigners from residing in the U.S. year round. The retirement visa would jump-start the housing economy and encourage international trade, tourism and commerce.

TFCU Plantation Branch Grand Opening

Tropical Financial Credit Union's Plantation Branch will be hosting its Grand Opening Saturday, April 18, 2009 from 11am to 1pm. 

The full service branch will extend TFCU services, such as free personal and business checking accounts and low mortgage rates, to the city of Plantation. 

Join us tomorrow afternoon for family fun with Dora the Explorer and Diego from Nick Jr. 

Tropical Financial's Plantation branch is located at 850 North Nob Hill Rd. Plantation, FL 33324. Visit our website for driving directions and more branch information.

Inflation Rises Faster Than Income in Florida

In Florida, per capita income rose slower than inflation last year. This means the average person was essentially earning less, according to federal statistics. 

Florida ranked 45th in the nation for growth in per-person income according to the Commerce Department. 

Per capita income refers to the total income earned in the state divided by the number of people who live in the state. Florida's per capita income increased 1.7% last year (from $38,417 to $39,070).

The national inflation rate was 3.8%, according to the U.S. Bureau of Labor, but the rate in Florida was 4.6%.

This is a reflection of how widespread the economic downturn has been in our state. Arizona, Idaho, Nevada, Georgia and Utah were the five states to experience even less economic growth than Florida.

Artists Inspired By Economic Downturn

The economic downturn may have been good for something - many artists are finding inspiration in the current recession. 

Andres Zapata came across a bag of credit card clippings and decided to arrange and photograph the credit card pieces. He titled the photo Plastic (above), as a response to the things he "purchased that he didn't need and couldn't afford." Plastic will be published in a book of recession-themed artwork later this year. 

Zapata also began working on Recession Nation in January, a book of art and poetry inspired by the financial crisis. He has received submissions from around the country and hopes to compile 100 pieces. Proceeds from the book will be donated to charity to help those most affected by the recession. 

But Zapata is not the only artist inspired by his economic woes; there are a growing number of artists around the world who are creating songs, paintings and photos inspired by the downturn. This artwork serves to document the recession and its effect on society and is being compared to the social commentary that came out of the depression era. Documenting history as it occurs is important and self expression is one of the best ways to chronicle today's events for the future. Sometimes, people are at their best when circumstances are at their worst. 

Have You Heard The News? Relax, You're Protected!

Credit Unions as a whole have sucessfully escaped the banking meltdown and lending crisis. 

Two corporate credit unions were siezed by federal regulators in order to protect deposits. The credit unions in question, US Central Federal Credit Union and Western Corporate Federal Credit Union, were merely clearinghouses which offered loans and services to retail credit unions. Both credit unions were at risk, but the deposits were always protected by the NCUA for up to $250,000.

Members of Credit Unions should not be alarmed at this news. This is a case of the NCUA working for you to protect your money. The National Credit Union Association (NCUA) insures credit union deposits the same way the FDIC insures bank deposits. Both have increased their coverage from $100,000 to $250,000 until December 31, 2009. As long as your credit union is covered by the NCUA, your deposits are safe. 

Tropical Financial Credit Union is federally insured by the NCUA for up to $250,000.  

Florida's Population Projected to Increase Despite Economy

Florida is one of the states which has been most affected by the economic recession, especially in terms of mortgages and foreclosures. However, Florida's residential real estate market may find relief in the projected population increases for our state. 

Florida has long been one of the fastest growing states, both from natural population growth and foreign and domestic migration. Everyone knows a lot of people come to Florida to retire, but many middle aged and young people across the world also move to Florida in search of work. 

Since the recession began in 2007, Florida's population has been steadily increasing at a rate of over 200,000 residents per year. From 2010 to 2020 this number is expected to increase to over 300,000 residents a year - on par with the population boom of the 1980s and '90s. 

This increase is due to the surge of baby boom retirees and the abundance of new job opportunities in Florida's metropolitan areas. Tourism, technology, international trade and business services are all fields that attract 20-50 year olds to Florida's cities. Many of these new residents of Florida travel from New York, New Jersey, Illinois, Ohio, Pennsylvania, Michigan, California, Venezuela, Puerto Rico, U.K and Canada to take advantage of Florida's diverse economy.

The US Census has projected that by 2010, Florida will overtake New York as the third most populated state.