Chicago is right on the verge of Chapter 9 bankruptcy according to Stuart Loren. I agree that this could be avoided through what at this point would be radical conservative reform, but in a deep blue city and state where the word Republican is anathema to an extent bordering on regarding it as an obscenity, chances of that asymptotically approach zero in economist parlance.
"obviously, if unimproved land still has market value, governments clearly have yet to exhaust their tax base"
NOT obvious to ME.
COPY
This post doesn't link to the specific EconLog post where the above originally appeared, so I had to search for it. It's here:
https://www.econlib.org/banfield-on-the-hyperbole-of-urban-bankruptcy/
Chicago is right on the verge of Chapter 9 bankruptcy according to Stuart Loren. I agree that this could be avoided through what at this point would be radical conservative reform, but in a deep blue city and state where the word Republican is anathema to an extent bordering on regarding it as an obscenity, chances of that asymptotically approach zero in economist parlance.