While making a list of the ?good things? that inflation can do, don't
overlook its wonderful effect on municipal debt loads. At nominal tax
dollars increase from income and upward pressure on property prices, the
real burden of the last spending round's accumulated debt falls away from
the city - and on to someone else.
Could never figure out why those city mayors didn't come out strong for
inflation since it would disolve their debt burden, save their savings and
loan companies, and hit mainly the elderly - who couldn't hit back. Maybe
the training for mayors does not include a course in economics?
Sam Lanfranco, York U. CANADA [EMAIL PROTECTED]
