Does anyone on the list recognize that the financial weapon of mass destruction is DEBT?
Does anyone on the list realize that the DEBT SERVICE expenditures slated for 2003 are $180,642,000? (Page 32 of the 2001 Minneapolis Comprehensive Annual Financial Reports.) That's right - debt service is $34+ million MORE than the Police and Fire budget of $146.4 million. On the 2003 Truth in Taxation Expenditure Budget ($1.22 billion) Police is shown as 8% of the spending plan ($97.6 million), and Fire is shown as 4% of the spending plan ($48.8 million.) Minneapolis shot itself in the foot. We have actually REDUCED the taxes collected by the State (and Federal government) by excessive use of MUNICIPAL BOND FINANCING FOR PRIVATE BUSINESSES and by promoting an incredible proliferation of NON-PROFIT and TAX-EXEMPT enterprises. When a business borrows money from a bank, the bank must pay Federal and State taxes on the interest it earns. When a business uses the government to borrow, the government sells municipal bonds to get cash, then gives the cash to the business. The business (in the case of self-supporting bonds) pays interest to the bondholders - but the bondholders don't have to pay taxes on their income. As of 12/31/2001, Minneapolis had general obligation debt "reported as" self-supporting bonds of $829,902,000. (Whether or not these bonds are really "self-supporting" is another story.) I get the impression that Listmembers resent rich folks who don't pay taxes. Well, then why don't you stop giving them the opportunity to avoid paying taxes? STOP - before you hurt yourself again. REMEMBER THE ADAGE: "FIGURES NEVER LIE, BUT LIARS ALWAYS FIGURE" Vicky Heller Cedar-Riverside and North Oaks TEMPORARY REMINDER: 1. Send all posts in plain-text format. 2. Cut as much of the post you're responding to as possible. ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
