Anyone not worrying about the debt that we’re piling on should read about Greece and its financial problems that are weighing down the euro. This New York Times story has a familiar ring to Chicagoans who had watched as Mayor Richard M. Daley has in effect sold and then spent future revenues on the Chicago Skyway and then the parking meters to meet current expenses. In like manner, Wall St. and other nations helped Greece with upfront money by giving away future revenues, thusly:
In dozens of deals across the Continent, banks provided cash upfront in
return for government payments in the future, with those liabilities
then left off the books. Greece, for example, traded away the rights to
airport fees and lottery proceeds in years to come.
Our day of reckoning approaches.