The U.S. faces a fiscal cliff. Here is why Somerset County does.
Last year's commissioner's race had county debt ranging from $34 million on up. The actual number doesn't matter. What does matter are the impending signs.
2. The feds will cut back on revenue to states meaning fewer funds to operate the county.
3. Feds may tax a portion of municipal tax free bonds.
4. Municipal bonds are currently over-bought (bubble?). When the bubble bursts even the good bonds go down with the ship.
5. Berkshire Hathaway will not renew insurance policies on half it's current municipal bonds.
The county should take a hard look at paying down debt to be well positioned for the future.
Frank J. Pelesky