Moody’s, a credit rating agency, estimates that over 7,000 municipalities in the country are headed to credit rating downgrades due to budgetary stresses. For many years communities have managed to live above their means by perfecting the act of juggling; robbing the proverbial Peter to pay Paul. This Ponzi game was based on the premise that the perfected juggling act was fail-safe. Historically it seemed logical because there was always a “Peter” legally available and willing to be robbed.
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