American Cities, under their State Constitutions, may issue bonds, and other bills of credit, but even debt at the municipal level is a dangerous endeavor.
In California, three cities have now decided to declare bankruptcy, and City in Pennsylvania as this trend becomes less extraordinary, as the weight of public employee pensions and the mismanagement of city funds catches up to each of these cities on the west cost and the east coast of the U.S.A..
American Cities, under their State Constitutions, may issue bonds, and other bills of credit, but even debt at the municipal level is a dangerous endeavor.
ReplyDeleteIn California, three cities have now decided to declare bankruptcy, and City in Pennsylvania as this trend becomes less extraordinary, as the weight of public employee pensions and the mismanagement of city funds catches up to each of these cities on the west cost and the east coast of the U.S.A..