Abhishekm
Well-known member
I know what you guys are thinking. Oh, a 'Every American owes half a million dollars', 'Your sending your Grandkids to Debtors Prison' thread. But not really.
I'm actually asking about local government programs and debts. 'Oh, State Debt then?' Is your thought. Maybe, but I'm actually just really confused by City and Municipal debt.
Like, How does that work? Who owes it? Who is it owed to? Whats the point of a Municipal Bankruptcy. How can a bankrupt city even have regular programs let alone welfare ones? Whats the point of collateral if City assets are protected from the repo-man?
If a city defaults but everyone moves out does the debt still exist? What is a City? Do Public Sector Unions technically count as a Cities dependents for filing purposes?
If a city government declared itself legally dead and filed to charter a new city in its place what would happen? If you add a New to a Cities name and call it a spiritual successor does that technically make it a legal heir? Would the Parent City owe Child Support? Would New York, LA or San Francisco make for better Trump style Bankruptcy jokes in the years to come?
These are the things I think of over lunch and now you are thinking of them too.
(Edit: I post this here instead of Community Pub because I'm hoping for real opinions and explanations along with the plethora of jokes the topic and real world situation rightly deserves)
I'm actually asking about local government programs and debts. 'Oh, State Debt then?' Is your thought. Maybe, but I'm actually just really confused by City and Municipal debt.
Like, How does that work? Who owes it? Who is it owed to? Whats the point of a Municipal Bankruptcy. How can a bankrupt city even have regular programs let alone welfare ones? Whats the point of collateral if City assets are protected from the repo-man?
If a city defaults but everyone moves out does the debt still exist? What is a City? Do Public Sector Unions technically count as a Cities dependents for filing purposes?
If a city government declared itself legally dead and filed to charter a new city in its place what would happen? If you add a New to a Cities name and call it a spiritual successor does that technically make it a legal heir? Would the Parent City owe Child Support? Would New York, LA or San Francisco make for better Trump style Bankruptcy jokes in the years to come?
These are the things I think of over lunch and now you are thinking of them too.
(Edit: I post this here instead of Community Pub because I'm hoping for real opinions and explanations along with the plethora of jokes the topic and real world situation rightly deserves)
Last edited: