The Strong Towns thesis is that there are a lot of ways for things to "look" fine when things are not actually fine.
As an example, municipalities often count physical infrastructure like streets and water pipes as an asset on their books[1], even though it is illiquid and incurs large long-term liabilities.
As an example, municipalities often count physical infrastructure like streets and water pipes as an asset on their books[1], even though it is illiquid and incurs large long-term liabilities.
[1]https://www.strongtowns.org/journal/2014/8/19/is-a-street-an...