4 ms·
>."1. Local govts are in heavy debt and sell land to pay back their debt." What is the source of the debt, is it bonds, do they just run a deficit, something e
by bogomipz 4y ago
>."1. Local govts are in heavy debt and sell land to pay back their debt."
What is the source of the debt, is it bonds, do they just run a deficit, something else?
- chii 4y ago> the source of the debt paying gov't workers (as well as any outstanding debt from previously), services and such. from what i heard, the local gov't is only paid some 40% of their required budget from the central gov't, and they have to make up the short-fall themselves.
- bobthepanda 4y agoBasically, and also hands are tied as to what taxes can be levied locally.