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
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Analysis
http://www.rollingstone.com/politics/news/looting-main-street-20100331?print=true
The moron who read the book saying public spending for utilities is not done with any payback period in mind.
if $31,704 is per household income, shouldn't it be divided by the avg number of residents (individuals, say 3.5) per household? if yes, then the picture is even worse...
who read the book saying public spending for utilities is not done with any payback period in mind.
The original statement is valid - it is talking about Median, not average (or Mean income).
Median just implies that there are an equal number of people earning less and more than that number. The average will be skewed by the distribution.
