While we’re on the subject of borrowing money for so-called economic development, let’s take a look way down I-85 in Birmingham, where they find themselves in a hell of a mess —- they’re bankrupt.
In fairness, Jefferson County leaders believed they were providing an essential service, which conservatives maintain is the true key to economic development. But they went overboard with the “Taj Mahal of sewage systems.” As you can imagine, it doesn’t end well —the county borrows vast sums of money, which in theory would be paid off in revenue. But when the revenue didn’t materialize —you guessed it— everyone’s rates went up.
Just goes to show it’s easy to think big when you’re spending other people’s money. It’s kinda like Greenboro’s fat new transit authority headquarters — easy for them to say hey, wow, we can get a LEED gold certificate —to the tune of $18 million.
