IN their desperate search for cold cash, officials of financially strapped cities have lately been offering much apocalyptic prophecy about the impending bankruptcy of municipal governments (see THE NATION). Cities have reached the limit of their taxing powers, they insist, and the Federal Government must rush to their rescue. Touring New York City last week to impress on the public the urgency of their plight, the mayors of eleven cities sounded even gloomier than usual. Said Boston's Kevin White: "Look, we raise 70% of our money with the property tax, but half our...
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