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What’s the endgame? Cities default on their Muni bonds? Then what? Giving up pension obligations? What should we be looking at for precedent? Detroit? Rura
by mathattack 6y ago
What’s the endgame? Cities default on their Muni bonds? Then what? Giving up pension obligations?
What should we be looking at for precedent? Detroit? Rural Japan?
- jandrese 6y agoHigher tax rates that more accurately reflect fixed costs? This site seems to think that if we aren’t spending enough to maintain our infrastructure then it is impossible to maintain and we should radically redesign our entire society.
- projektfu 6y agoThis site is incrementalist. There's a vision for the future but it is not radical.
- jdhn 6y ago>What’s the endgame? Cities default on their Muni bonds? Then what? Giving up pension obligations? First what'll happen is that they cut back on maintenance of infrastructure like roads. Then the bond defaults will happen, followed by bankruptcy and haircuts to pensions. Detroit is a better example to look at than rural Japan because it actually went through bankruptcy.