While that is true on a higher level, individual cities don’t have tools like printing money or ultra-low interest rates available to them. If you have a look

While that is true on a higher level, individual cities don’t have tools like printing money or ultra-low interest rates available to them. If you have a look at how municipal debt is rated, you’ll see that the rating agencies rely on projections of growth to determine how creditworthy a city is. It’s of paramount importance to spend borrowed money in an efficient way if the city expects to borrow more in the future. https://www.fitchratings.com/research/us-public-finance/fitch-upgrades-detroit-downtown-development-authority-series-1998-bonds-to-bbb-stable-23-07-2019 https://www.fitchratings.com/research/us-public-finance/fitc...