Here’s an article a reader alerted me to, which pretty much sums up the City’s position:
Hope is a psychological bridge that allows us to justify embracing the Holy Trinity of Decline: growth projections, subsidies, and debt.
We hope new growth will provide more revenue. Our desperation—although we would rather call it “commitment”—is such that we’re prepared to subsidize that growth into existence, if need be. And when all else fails, we can handle this cash shortfall, which we hope is temporary given that we’re investing in growth, by taking on debt.
We are betting on growth that’s not coming. You’d think out city leaders would have figured that out by now.