Jefferson County, Alabama, might declare bankruptcy on a $3.1B bond for their sewer system. How come?
"...126,000 of the county's 658,000 residents use the Jefferson County sewer system....Median household income in Birmingham is $31,704 a year."126,000 x $31,704 = $4.0B
$3.1B / 126,000 = $24,729
Who's the moron who thought this was a supportable debt load?
Source: WSJ, Consultant Ninja Analysis