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: Instapundit.comMUNICIPAL FINANCE UPDATE: Too many towns, too much debt: Welcome to Pennsylvania. ?A train wreck?
By Glenn Reynolds
MUNICIPAL FINANCE UPDATE: Too many towns, too much debt: Welcome to Pennsylvania.
“A train wreck is coming, and, because of my position, I think it’s my duty to alert people,” said George Cornelius, secretary of the state Department of Economic and Community Development. “Some of these municipalities may get into a situation where they have no choice; bankruptcy is the only option left.”
Cash-strapped municipalities suffering from the industrial decline, population loss and overwhelming tax increases common in the Rust Belt face a “downward spiral,” Cornelius said.
It’s not just Pennsylvania. And I’m not sure whether consolidating small towns into bigger ones will really help. Read the whole thing.
Full post as published by Instapundit.com on March 21, 2010 (boomark / email).
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