On the plus side, recycling the reams of paper that will be expended in such a filing probably counts as a newly-created “green job.” So, see? The system works, just as Rep. Ellison said it works.
It’s Recovery Autumn!
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Recent Comments
- In The Mailbox: 02.28.23 (Afternoon Edition) : The Other McCain on Hey, longtime pw readers…
- In The Mailbox: 12.23.22 : The Other McCain on Patrick J. Carroll truly IS a sad, embittered psychopath
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Harrisburg went bankrupt the day they pledged their faith and credit to the incinerator bonds. That facility, as it turns out, can barely cover operating costs, much less debt service. The writing’s been on the wall for a few years now, as the incinerator defaulted on its debt, and the bondholder called the GO provision, and everybody knew there was no way on God’s green earth that the City could come up with the money.
(Hmmm…bankrupt from debts that everyone knows can never be repaid, but holding on in a state of denial for years. Why does this sound familiar?)
Ah, well. Harrisburg is Harrisburg. At least the rest of us don’t have to worry about such a thing happening where we live!
“At least the rest of us don’t have to worry about such a thing happening where we live!”
Quite so, Squid! I was concerned at first, but knowing that the Land of Lincoln has such a rock solid fiscal foundation, I let it pass. Thank God we have a courageous D governor who made sure he raised taxes(twice the level he said in his campaign) high enough to let the D legislature pay off their cronies and the PEUs.
At least we have a fiscally cracked public pension system and a debt rating worse than that of the Mexican government…hey, wait a minute…
Don’t worry, John. You can always turn to Washington for a bailout. The federal government’s finances are in excellent shape!
Thank you for allaying my concerns as well gentlemen. It’s not like the actuaries at our state pension funds are imagining an average return of 8% annually on their investments in unicorn methane technology (before the CHINEE!) in order to keep the states, counties, cities, and various other assorted and sundry government pension creation organisms from having to kick in enough to cover retirement costs of those humble public servants who deserve to make more in retirement at age 50 than most Americans make working their asses off until they’re 70.
Maybe I’ll go lie down for a while.
It would seem the doom of our age is at hand.
Oh, well . . . . . . that’s a relief. God knows.
And the city council is doing this despite a law enacted specifically prohibiting them from doing this very thing, and denying state funding to the city if they ignore that and go into Chapter 9.
The city council insists they can recover only with a county sales tax, which the General Assembly will pass only when magical unicorns are elected to fill all legislative seats, and with the incinerator bondholders writing off $100 million in debt, which will happen if the US experiences a Red Dawn-type invasion that destroys the financial system. (Avenge me!)
Plus there’s the background of these four council members hating the brainfreezingly incompetent Mayor with the burning intensity of anal herpes.
Forgot to add:
The city’s voters made a choice to have 30+ years of one-party Democratic rule, including a despotic mayor who spent money like a sailor in a Hong Kong cathouse. Now some of them don’t want to pay the price for that massively poor decision.
“Ah, well. Harrisburg is Harrisburg. At least the rest of us don’t have to worry about such a thing happening where we live!”
This town is 20 minutes from me, and I’ve been expecting them to file anytime.
Maybe Harrisburg will start a cascade.
I think there is another sickness in the system seldom talked about, and that’s matching grants the feds offer local governments. I really liked that the city of Fresno recently turned down a huge federal grant because they don’t have the $134 million needed to get it. It’s nice to see politicians begin to understand “we don’t have the money” is a legitimate reason for not spending it.
#2
We’re racing Zimbabwe to the bottom.
PREDATORY LENDING! Those mean ol’ bond-holders took advantage of us poor folks at City Council, lending us money that they knew we’d never be able to repay. They never should have given it to us in the first place! How were we supposed to know that they’d actually want it back at some point?!?
Watch it. Harrisburg has nukes.
They need a sponsor, maybe sell the naming rights…
How’s “Walmart, Pennsylvania” strike you?
You’d think Harrisburg should give up on generating electricity, Abe. Everything they try
blows up in their facemelts downfails.We’re racing Zimbabwe to the bottom.
We are so gonna kick their butts. USA! USA! USA!
Oh, wait…