The city of Harrisburg will skip $5.3 million in debt payments this week. Pennsylvania’s capital of about 50,000 people owe more than $346 million dollars from the expensive retrofit and repair of the city’s incinerator. That is roughly $7,300 per person.
Make no mistake, Harrisburg is not a fluke, other cities around the country are almost in the same fiscal shape. So far in 2012, there have been 21 defaults on muni debt totaling $978 million. Yet, politicians say we are in an economic recovery? Only if you are a Central Banker!
More at http://www.reuters.com
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