Local Governments Face Another Headwind – State, Federal Budget Tightening
There has been a significant conversation regarding Federal and state government debt, with the question of “how much debt is too much” not drawing a conclusive response. Japan, with a debt to GDP level of 229%, seems to defy those who argue for balanced budgets. Greece, by comparison, stands at 176% while the US is at 104%. Certain state debt problems, such as New Jersey, have been declared mathematically unsolvable while cities such as Chicago scramble to pay for increasingly difficult to meet
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