Word: debts
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Dates: during 1930-1939
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Keynoter was the association's retiring president, Budget Director Arthur C. Meyers of St. Louis (Aa), who said: "The main factor that makes the problem of Relief, unemployment, taxation and debt so difficult is the lack of cooperation between the different levels of government." On behalf of the lowest governmental level, Budgeteer Meyers complained that city Relief bills are uncertain because WPA does not distinguish consistently between employables and unemployables. For Depression II he suggested a long-range program "by all levels of government, business, labor and industry." Main proposal: higher share to cities on State taxes on liquor...
Biggest bug in the bonnet of any municipal financier is how much debt his city ought to carry. One school of thought holds that cities should borrow as little as possible, cites Kalamazoo. Mich., which burned its last bond in November 1937. having embarked on a pay-as-you-go policy. The opposite school holds that cities are foolish to pass up the opportunity to make permanent improvements when money is cheap, and especially when Harold Ickes' PWA will give 'outright 45% of the money. Leading middle-of-the-roader is New York City's little Fiorello...
...longer can the average city look to tomorrow's influx of population to lighten its responsibility for financial obligations incurred today. Nor is there much immediate prospect of skyrocketing assessed valuations to make tax levies appear smaller and debt burdens less onerous. . . . Very few municipalities with overall, net, tax-supported debts in excess of 15% of full taxable value escaped more or less serious default in the depression period. Very few whose overall debts fell below 10% became conspicuously involved in default...
...hard on the peso that prices are rapidly rising, the cost of living soaring; 2) there are complaints that Government underlings, not imbued with Cárdenas' high ideals, are behaving like unscrupulous landlords in the U. S., keeping the books so that illiterate peons still stay in debt even after their crops are harvested; 3) in some cases peons incapable of farming without a landlord's direction, are raising smaller crops than ever before on the same land...
...notably on railroad reorganizations which, he said in 1936, "have not been sufficiently drastic." Last week, with Commissioner Mahaffie alone dissenting, ICC approved a reorganization plan as drastic as any ever devised for a major U.S. railroad. Under this plan, portentous for an industry snowed under by its bonded debt, Chicago Great Western Railroad's capitalization will be cut from $139,247,313 to $62, 291, 827, its annual fixed interest charges from $1,705,532 to $767,071. Common stockholders will not get a cent; preferred stockholders will swap their shares (par value...