Local governments borrow money for long-term projects by issuing municipal bonds

Investors can buy three main types of bonds: government, corporate, and municipal

Each type has variations of its bond offerings with different interest rates, loan lengths, maturity dates, and terms. Each type also carries its own risks and rewards.

Investors trading their municipal bonds can't use the same method to purchase them

Instead, they’ll have to go through the secondary market, which has its own set of rules and steps to follow. An illustrated, explanatory video can help you learn how to sell your municipal bonds for the best market value.

Many local governments also struggle to rein in their spending

The federal government isn’t the only one that holds debt. State and local governments borrow money to cover budget gaps, too.

The bond market is where bonds and other debt securities are traded

Bonds are fixed-income investments allowing individuals to lend a specific amount of money to a large entity, like a government or corporation, for a set amount of time in return for interest paid out over the life of the loan. The bond market is widely considered a key economic barometer.

Companies sometimes issue corporate bonds to raise capital

These bonds offer investors regular interest payments in addition to the return of the principal amount at maturity. They allow companies to raise capital without losing ownership.

The New York Stock Exchange wouldn't have been made if not for municipal bond sales

The Funding Act of 1790 nationalized and consolidated the debt held by the 13 colonies to be sold off in the form of bonds.

One in seven US tax dollars is collected by local governments

Local governments collect about $886B each year to support education, infrastructure, and public health. Roughly three-quarters of this funding comes from property taxes, with the rest sourced from sales, excise, and income taxes.

The bond market dates back to the 1100s in Venice

In the early 1800s, bonds were used to fund US railroads and canals in Great Britain. “Liberty Bonds” were sold during both World Wars in the 20th century. Learning about the early and modern history of bonds can offer a glimpse into how the modern bond market came to be.

Buyers used to borrow money from people within their communities to purchase property

Historically, borrowing money from other people to purchase property was common until private financing companies—primarily building and loan associations—stepped in to offer mortgages to buyers.

Special districts are a form of local government focused on a single purpose

Unlike cities or counties, which provide a wide range of services, special districts are created to perform a single function, such as water, transit, or mosquito control. They are governed by appointed boards, have independent taxing authority, and now number nearly 40,000 across the US.

Local governments coordinate across jurisdictions through regional councils and planning bodies

Many local governments are part of Councils of Governments or Metropolitan Planning Organizations—regional entities that coordinate transportation, land use, and other shared priorities across city and county boundaries. Federal law mandates their establishment in any metro area with a population over 50,000.

The national debt consists of public debt and intragovernmental debt

The national debt consists of money owed to private investors who have purchased Treasury securities and money owed by one sector of the government to another. They’re respectively called public debt and intragovernmental debt.

Minting a coin that can pay off the federal debt has been proposed as a quick fix to rampant borrowing

It’s uncertain how financial markets would react to such a large cash injection. Some economists warn it could trigger massive inflation. Others say the nation needs a clean slate.

How the World Bank's pandemic bonds were triggered during COVID-19

In 2017, the World Bank raised a chunk of emergency funds through bonds to help developing countries cover funds in the event of a pandemic. Had no pandemic occurred, investors would have received returns of 6% to 11%. But the global pandemic meant they lost all their money.

Why countries have credit ratings

Sovereign credit ratings work like national credit scores, measuring a country’s ability and willingness to repay its debt. Moody’s, S&P, and Fitch are the major agencies assigning these ratings, which influence borrowing costs and investor confidence.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

Bankruptcy is a legal way to manage overwhelming debt, whether for individuals, corporations, or even local governments

Chapter 7 is for liquidating personal assets to clear debts, Chapter 13 allows a repayment plan for individuals, and Chapter 11 lets businesses reorganize to stay afloat.

Private credit grew from a $250B asset class in 2010 to around $1.5T in early 2024

That's partly due to the industry's rising interest rates that created more upside for investors. Interest rates have increased in recent years alongside the Federal Reserve's interest rate hikes beginning in 2022. Private credit loans typically stretch over multiple years (typically between five and seven years, although term lengths vary).

Smart cities have been more successful when upgrading existing infrastructure

Building urban landscapes with smart technologies from scratch has sometimes produced futuristic-looking yet sterile environments that struggle to attract residents and justify high costs. Enhancing existing areas while retaining their historical and cultural touchstones has proven more appealing in many cities.

Hosting the World Cup requires massive investments in infrastructure

Since the 1990s, those costs have crept into the billions. Cities are able to sell the high price tag with promises of jobs and tourism dollars, but long-term studies showed the promises were often overstated.

Around two in five students in any given academic year take out some form of student loans

Among the nearly two in five students who take out loans, 90% of those students rely on federal loan programs. These federal loans come in three flavors—subsidized, unsubsidized, and options for parents and graduate students. Each option has its own financial considerations; see an overview of each, along with what to consider when borrowing funds to cover higher education costs.

Connecticut recently became the first state to create and launch a baby bond program

The program invests $3.2K for a baby born after July 2023, who is covered by the state's Medicaid program. When the child turns 18, they can use the funds for college, retirement, to buy a home, or invest in a business.

The sewage of New York City

Residents of the five boroughs of New York produce 1.3 billion gallons of wastewater everyday. Seventy miles of sewer pipes, first built in the mid-1800s, feed the sewage to 14 wastewater treatment and recovery plants where the waste is treated back to viable, drinkable water. See what shouldn't go down the toilet here.

The federal budget process begins nearly a year before funds are spent

Creating the federal budget starts months in advance. This resource explains each stage, showing how the president proposes priorities, Congress reshapes and approves funding, and federal agencies implement the final budget.

Certain home renovations, such as installing an in-ground pool, could increase your property taxes

Significant home improvement projects like adding another bathroom or an addition might raise your tax bill if they significantly increase the value of your home. The amount your tax bill could increase by depends on how tax assessment procedures work in the home’s location, as they vary by locality.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

The USPS spent $3.97B in 2024, accounting for .058% of the federal budget.

Memecoins are a type of cryptocurrency—a form of digital currency with a wide variety of uses—created around popular 'memes,' or viral internet jokes.

The use of fungi to detoxify land and water—a process known as mycoremediation—has been used to clean up natural resources affected by the 2025 California wildfires.

Massive 3D printers have been used to build homes by stacking layers of 'concrete toothpaste,' a fire-resistant material that effectively insulates against outside noise.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

Watch this video that uses Lego bricks to explain how venture capital works.

Power lines are dotted with large, brightly colored balls to improve the visibility of these thin wires to helicopters and small planes and help prevent potential crashes.

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

Before the current East Wing ballroom project, only two White House renovations in the past 100 years cost more than $10M.

Up to a million Girl Scouts sell about 200 million cookie boxes every spring, generating $800 million, largely because refusing a child is frowned upon

Some Pokémon have been named after real and fictional organisms, while some real-world species have been named after Pokémon, such as Chilicola charizard and Binburrum zapdos.

Stanford built a Google Maps for the Roman Empire, revealing how much it cost to travel in the ancient world

The 2026 Ebola outbreak in the DRC is spurring new Ebola vaccine development for the Bundibugyo species.

See how Budweiser's famous Clydesdales spend their days at Warm Springs Ranch, where roughly 70 to 80 of the beer brand's giant horses can be found at any given time.

Pure water does not conduct electricity because this flow of energy requires the movement of charged particles, and water is a neutral molecule.

In 1915, workers recovered a submarine-like vessel from the Chicago River, prompting fears of German espionage

Doctors differentiate between a phobia and fear by asking patients whether their fear interferes with their day-to-day activities.

To reduce wrinkles in clothing, research recommends gentle wash cycles with more water and tumble drying with smaller loads and longer times.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Bone marrow (soft tissue found inside certain bones) generates roughly 500 billion new blood cells each day