Everyone in America is being affected by the credit crunch and economic crisis that is sweeping our nation. Unfortunately, municipal governments are no exception. Check out this story from CBS news. With decreasing revenues and a massive spike in borrowing/credit costs, governments across the country are starting to feel the pinch, with major municipal governments in danger of going bankrupt. Locally, Pennsylvania state revenues have been down three months in a row and major cities, including Easton, are suffering from revenue decreases that will cause a tax increase.
This is something we should all be concerned about.