New growth creates an illusion of wealth. Local governments experiencing growth look and feel successful; they have high revenues and very little immediate costs associated with them. Long term though, as the liabilities start to come due, they learn that a free road isn't really free.
Read MoreThe biggest problem we face in this country is not a lack of growth. What we lack in America is productive growth—growth that builds wealth generation after generation. Productive growth makes a place better with age. It's full of cycles, endings and beginnings, rather than being a linear journey toward decline.
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