We don't wish bad for Cincinnati. We really don't. Indeed, we tried our hardest, we did, to stop our out-of-control City Fathers and Mothers from making this epic mistake of debt and deficits. They did not listen and they did not heed the reality of mathematics.
But today's Business Courier story on the Streetcar is just part of more to come. It's simple:
- Cost overruns on the construction of the project, meaning either that the monies must come from the City's operating funds or more debt.
- The operations of the Streetcar will cost more than the income, and indeed more than City leaders and Streetcar boosters have told us. By definition, this means either high taxes and fees, or it means a reduction in critical services such as Police and Fire protection.
So, we wish it were't so. We wish we were wrong all along.
But we were not. And Cincinnati taxpayers will pay the price.