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Dear Editor:
The New Year brings news of the spreading Carmel virus.
After paying the 2023 interest and principal due, Carmel’s neighboring cities show a marked copying of the Carmel borrow-and-spend debt mania.
Comparing data submitted by the cities to the Indiana Department of Local Government Finance, Fishers’ debt increased to $1.1 billion from $541 million in 2020.
Over the same span, Noblesville’s debt increased from $284 million to $526 million, Westfield’s from $185 million to $234 million, and Zionsville’s from $70 million to $94 million.
“Typhoid Mary” Carmel went from $1.3 billion to $1.4 billion over the same span.
The only cure (a sort of financial vaccine) is the slowdown in revenues and buying at par due to stagnation and inflation.
Common sense and fiscal responsibility don’t seem adequate to the task.
Bill Shaffer
Carmel