Cos Cobber points out this story from BloombergNews/Businessweek: “Mean ol’ Republicans refuse to go long on borrowing despite our infrastructure “crumbling”. Notice the picture of the drained Byram pool, a pet Democrat project. Also notice the ice. Ice in July, or a recent photo?
Home to billionaires such as Ray Dalio and Thomas Peterffy, the top-rated town returned to credit markets in 2007 to sell bonds after a 74-year, self-imposed hiatus. It operates under a policy of limiting debt backed by its general fund to maturities of five years or less. The approach reduces interest payments while constraining the scope of projects that can be done at once.
[Greenwich Democrats] point to aging structures like the Eastern Greenwich Civic Center, which the town acquired in 1966, and which has cracks in its facade and chunks of concrete missing from exterior walls. They also note the seaside Byram Shore Park, where town documents say the pool has a “continuous leak.”
From the Fox Butterfield is that you? Department*, the article notes that “Greenwich is among the nation’s wealthiest towns with a top credit rating, with $719,873 of taxable property per capita, according to Standard and Poor’s. The median figure for top-graded communities is $157,536.”
How’d that top credit rating come about? The article doesn’t say, which is funny, because one of the reporters on the Greenwich story, Ms. Michelle Kaske, recently penned an article, “Puerto Rico’s Borrowing Binge Could Rock the Muni-Market”. Guess she didn’t read it.
* NYT reporter Butterfield is the eponym for “The Butterfield Effect”, used to refer to a person who “makes a statement that is ludicrous on its face, yet it reveals what the speaker truly believes”, especially if expressing a supposed paradox when a causal relationship should be obvious. The particular article that sparked this was titled “More Inmates, Despite Drop In Crime” by Butterfield in the New York Times on November 8, 2004