I totally agree with the problem statement and couldn't disagree more with the analysis of the cause (debt financing) The root cause of these failures is the c

I totally agree with the problem statement and couldn't disagree more with the analysis of the cause (debt financing) The root cause of these failures is the creation of unfunded liabilities by municipal politicians abetted by ridiculous accounting. Municipalities build something (a school) for say $20m, say it’s going to cost us $200k over the next 15 years to maintain that asset, and then 15 years later are shocked to learn that that asset needs significant capital investment to keep it in service for the next 15 years…but never say wait, actually this asset is going to be in service for 100 years, and we are actually going to effectively rebuild the school 4x over that time period… it’s the same thinking around municipal employee pensions…because if anyone were honest about what this is actually going to cost, they’d never agree to it.