World News: 22:16 GMT Saturday 9th November 2019. [Yahoo Business News Feed via SPi World News]
Across the country, Marohn sees evidence of what he dubs a “Municipal Ponzi scheme.” Cities — armed with economic development dollars and consultants galore — focus their energies and budgets on new housing subdivisions as well as far-flung, auto-dependent office parks and strip malls, all the while ignoring the long-term debt, maintenance costs, and municipal burdens they are transferring to future generations of residents. “The growth creates an illusion of wealth, a broad, cultural misperception that the growing community is become [sic] stronger and more prosperous. Instead, with each new development, they become increasingly more insolvent,” the author writes.
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