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posted by King Minos in Money / Career

Debt Can Destroy Government(s)

February 19, 2012

This is life today in Jefferson County — Bankrupt, U.S.A. For all the talk in Washington about taxes and deficits, here is a place where government finances, and government itself, have simply broken down. The county, which includes the city of Birmingham, is drowning under $4 billion in debt, the legacy of a big sewer project and corrupt financial dealings that sent 17 people to prison.

http://www.nytimes.com/2012/02/19/business/jefferson-county-ala-falls-of...

Do you think Caterpillar would want to locate its factory in Jefferson County, Alabama?

Governments everywhere can improve their images and credibility if they will demonstrate sound fiscal management. This is the first and most important jobs of government.

Has local media in Athens, sufficiently looked at fiscal management in various local governments in order to highlight potential problems? Or, do some in the local media think they are "helping" local governments by ignoring growing debts, and fiscal imbalances?

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