The deal would allow investors to shed the bonds' default status, resolve investor litigation, and give the fiscally troubled Chicago suburb more time to repay its debt. It's billed by Harvey officials as a central step in an effort to restructure various debts with the aim of attracting economic development and bolstering a beleaguered tax base hurt by outmigration, shuttered businesses and an aging population. The city also has weak tax collection rates that pose a drag on its budgets.
This reminds me of the Edgar Ramp. We will pay later to make up what we can’t pay today that sounds good but never happens
Eugene from a payphone
2 years ago
This is an important article, though incredibly dry. It is a road map in urban decline. Borrow tons of money based on past revenues as a third of the population leaves. Come up with get-rich-quick ideas like hotels and casinos as your crime problems multiply. Then as debts reach the breaking point, push a reckoning off into the future by suing the institutions who loaned the money to re-finance everything.
Right, Eugene, that’s why we follow it quite closely and link to all articles on it. (That, and it’s where I was born.) It’s a microcosm road map of urban decline.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
This reminds me of the Edgar Ramp. We will pay later to make up what we can’t pay today that sounds good but never happens
This is an important article, though incredibly dry. It is a road map in urban decline. Borrow tons of money based on past revenues as a third of the population leaves. Come up with get-rich-quick ideas like hotels and casinos as your crime problems multiply. Then as debts reach the breaking point, push a reckoning off into the future by suing the institutions who loaned the money to re-finance everything.
Right, Eugene, that’s why we follow it quite closely and link to all articles on it. (That, and it’s where I was born.) It’s a microcosm road map of urban decline.
This is an important article, though incredibly dry
This is the news equivalent of eating your spinach before you can have dessert.
Not every news story is gonna be all about hookers and cocaine (thank goodness for Hunter Biden).