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Steve,
I read a story in AARP quite some time ago that said that many cities would shortly be in trouble. Some of it is due to contracts that they signed with city employees to provide pension and health care. Private industry can dissolve a company on paper to beat the employees out of it, but cities are stuck. The only thing a city can do is raise taxes.
I suppose the whole thing would be above water except for extreme increases in health care. At first glance, health care seems like extortion. When I mentioned that one could get a hotel room for $50 a day and a hospital room for a mere $1000 a day, my buddy said guess again, about $1500-2000 extra for him to stay in the room with his wife and a newborn. I would sure like to really know where the money goes in health care. Somebody must be making a fortune.
The end result was that AARP surmised that some people would not be able to afford the new taxes on a home that took a lifetime to pay off. Sheesh.
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