Jefferson County is the seat of government for the largest regional government in the state of Alabama. In a twisted sense of irony, the country is named for one of the most fiscally prudent, limited government presidents in United States History– and now the country has another dubious claim to fame: largest municipal bankruptcy in United States History.
The massive amount of debt, followed by the conviction of 20 Alabama politicians,
have all set loose corruption that has flooded the land of the Crimson Tide. The people of Alabama are getting unjustly swept up by this fiscal tsunami.
Public works project are subject to cronyism and corruption. But his tidal wave of outrageous government misconduct is unprecedented.
How do residents of the Cotton State cotton to such irresponsible behavior from their leaders? From the fall of the stock market, to toxic debt that ate up immense financial firms, now Jefferson County is watching its fiscal future get flushed down the drain over sewer bond debt.
Chapter 9 Bankruptcy not only harms the residents of Jefferson County, but local public stakeholders will not have to service higher rates on their debt. Four courthouses shut down, city workers disbanded, road projects stopped — it appears less likely that there will be a Jefferson county left for residents who have gotten fed up with governments drowning in debt forcing diligent taxpayers to swim upstream against the rising flood of municipal bankruptcy.