Everyone who has credit cards or a mortgage is acutely aware of just how burdensome interest alone can be on personal debt. When you have excessive debts, just the interest on those loans can gobble up money for other things that you want or need.
So it is with government.
Pain-in-the-necks like me always are harping on the dangers of indebtedness, especially for Chicago and Illinois, which are facing existential challenges caused by debt.
Thus I give you an interesting chart that makes Detroit--that formerly bankrupt city--and Indianapolis looked blessed.
$700 million in long-term debt? Sure, no one expects any governmental body to operate debt-free. But imagine how even a fraction of $700 million could be used for city services and improvements.
Of course, the way things work in Chicago, it all probably would have to go to support pensions.
Want to subscribe? Type your email address in the box and click the "create subscription" button. My list is completely spam free, and you can opt out at any time.