This guy did very thorough homework on the problem.
Obviously, governmental accounting is substantially different than financial accounting, but at the end of the day, youre still looking at the same basic concepts. Youre still looking for a positive net cash flow. What Im finding is that the city has not had positive net cash flow for quite a long time, and weve been borrowing and borrowing and borrowing and now were just in over our heads, Lewis said.
In the financial world, one borrow's to make a future cash flow in excess of the debt service, usually by applying work, productivity, etc.
In the governmental world, one borrows to buy votes and skim in the present
Interesting article/analysis. So they pay the beginning firemen and police about 3 times what the average citizen there esarns. Great idea, no? These LIB asshats who run these cities are fully out-of-control. Detroit Jr is emerging. Anyone with a brain needs to leave the crummy city.
Interesting article/analysis. So they pay the beginning firemen and police about 3 times what the average citizen there earns. Great idea, no? These LIB asshats who run these cities are fully out-of-control. Detroit Jr is emerging. Anyone with a brain needs to leave the crummy city.