Detroit not alone, expect more bankrupt cities: Expert

[Ptarmigan]

Detroit not alone, expect more bankrupt cities: Expert
http://www.cnbc.com/id/101698390

Expect more U.S. cities to face bankruptcy like Detroit, former New York Lieutenant Gov. Richard Ravitch told CNBC's "Street Signs" Thursday.

 "There are many more [cities] that are facing enormous fiscal squeezes… who are cutting education, cutting infrastructure investments and borrowing as long as the bond market permits," he said.

 Ravitch, who is advising Detroit's bankruptcy judge, wrote about his prediction in an op-ed in the Wall Street Journal last week.

Richard Ravitch is right except when he says this.

Since local politicians like to avoid raising taxes and cutting services, they wind up borrowing to balance their budgets.

Many places have raised taxes and the problem is worsened.

[Chris_]

Viva la Obamanomics.

[thundley4]

Many places have raised taxes and the problem is worsened.

Illinois raised income taxes in 2011 and they went further in debt, because they increased spending. Effin Morons.

[JohnnyReb]

Can't build a fence on the border to keep illegal aliens out.....maybe we can build a fence around those broke cities to keep DUmmies in...hey, it's the communist way, you know.