One reads of the crisis in Greece. And the one much closer to home in Puerto Rico. The crisis, that is, that inevitably comes after spending too much and taking on more debt than it is possible even to service, much less pay down. One thinks of how unfortunate it is for the people who will now redeem with pain, the promises made by the politicians of previous generations. And then, gives thanks that it can’t happen here.
Except … remember Detroit which once had the highest per-capita income of any American city and was obliged, not so long ago, to declare bankruptcy. And now, some early signs of distress in Chicago. As Bill Ruthhart and Heather Gillers of the Chicago Tribune report:
The inevitable crisis was deferred as:
That could lead to the district running out of cash to pay all its bills during the coming school year — unless there are significant education cuts, new revenue or a combination of the two.
As we have witnessed with the situation in Greece, when you hit that wall … you hit hard.
