Wasn't one of you mungheads just telling me that the debt is b.s.?
Maria Pappas, the treasurer of Cook County, Illinois, got tired of being asked why local taxes kept rising. Betting that the answer involved the debt that state and local governments were accumulating, she began a quest to figure out how much county residents owed. It wasnâ(TM)t easy. In some jurisdictions, officials said that they didnâ(TM)t know; in others, they stonewalled. Pappasâ(TM)s first report, issued in 2010, estimated the total state and local debt at $56 billion for the countyâ(TM)s 5.6 million residents. Two years later, after further investigation, the figure had risen to a frightening $140 billion, shocking residents and officials alike. âoeNobody knew the numbers because local governments donâ(TM)t like to show how badly they are doing,â Pappas observed.
Economic gravity. It sucks.