Word: ledgerdemain
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Dates: during 1970-1979
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Some Remedies. Despite all this ledgerdemain, the budget becomes more unbalanced each year as the debt is papered over but never paid off. Interest costs inexorably mount as the credit-risky city has to pay more for the money it needs. Today debt service amounts to a staggering $1.9 billion a year, or 17% of the budget. With less than 4% of the U.S. population, New York has been selling 18% of all municipal bonds on the U.S. market and 39% of all short-term tax-exempt notes. Says Jackson Phillips, senior vice president of Moody's Investors Service...