Forbes Exposes Nashville’s Financial Problems to a Global Audience

  Forbes.com, which caters to millions of readers worldwide, has just reported on and explained Nashville’s financial woes. In a recently-published article,  Tennessee-based businessman Tim Pagliara wrote about state Comptroller Justin Wilson’s displeasure with Metro Nashville’s finances and the threat of the city potentially falling into a receivership. “Back in October, a month after taking office, Mayor (John) Cooper talked to The Wall Street Journal about his mandate to pull the city’s economy back from the brink by (among other things) curbing financial incentives and relocation deals to corporations. After the prior administration had awarded $167,000,000 in economic incentives in exchange for 13,000 new jobs and $1.2 billion in capital investments, the city could not balance the budget without selling assets like the Nashville Thermal Plant. Which, IMHO, is like selling your living room furniture to pay your electric bill. Tennessee has a unique set of checks and balances. State law mandates a balanced budget,” Pagliara wrote. “In preparing this piece, I looked at recent articles about the increased flight of people and companies from NYC. Some surveys show that over 30 percent of the New Yorkers are considering moving out of state because of the high cost of living, complexity of life, and…

Read the full story