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The price of promises made

NOVEMBER 5, 2018 | CITIZENS BUDGET COMMISSION (NEW YORK CITY)

“Imagine you were provided a credit card with no spending limit, and the lender did not require any short-term payments toward the charges you incurred. Rather, the lender required that your children and grandchildren pay back your charges plus accumulated interest in about 20 years. Facing no spending limit and no need to pay would you use the card extensively, or would you reject using this credit card because its terms were unfair to your children and grandchildren? New York City’s municipal leaders have an analogous choice, and they have taken the former option.” 

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