How often are consumers warned not to build a mountain of debt so they won' use one credit card to pay what's due on another? It's not doing anything really to solve the money problems. It only makes it worse.
Chicago is doing exactly that, as it plans to issue $10 billion in bonds to pay its unfunded pension plans.
Bill's Blog in Truth in Accounting explains this slight of hand and the possible dangers of issuing the bonds. Worth a thoughtful read.
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