The hangover following an orgy is never fun. This is why it's so important to pay attention BEFORE the excessive spending occurs. Minneapolis has already PRE-SPENT over $1 Billion. That debt must be paid by someone (on top of the ongoing costs of running city government.)
Doubling the property taxes over the next ten years won't help. More businesses will leave town and the increased cost of housing will reduce growth among residents. Here are our alternatives: 1. Roll the debt forward so that taxpayers born twenty years from now will have to pay it. This is typically what government does so that the people who spent and received the money are long gone. 2. Default on some of the debt. This would mean that the bondholders would lose some money (typically rich guys who buy municipal bonds to avoid Federal and State tax payments.) This would also be a big black eye for Minneapolis' credit rating, thus higher interest rates for the remaining debt. Oh well, that's what happens when anyone overspends and can't pay. 3. Cut the ongoing cost of city government to the bone so more money will be available for debt service. 4. Raise taxes until everyone leaves town. 5. Get money from the Federal government so that people who live in Ohio can pay our bills. Unfortunately the Feeds are broke too. 6. Get money from the State government so that people who live in Aitkin can pay our bills. Unfortunately the State is broke too. 7. Collect some or all of the money that the City has lent to "developers" - $178 million on the last tally. These are the only ideas that I can think of. Vicky Heller North Oaks Minneapolis Property Owner and Taxpayer _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
