We?ve discussed the Stockton, California, municipal bankruptcy. It was brought about by a number of factors, but the highlights are (1) lavish and totally unsustainable public employee pay and benefits, and (2) the recession. Here is a detailed explanation from Vice Mayor Kathy Miller:
This sort of disaster may be coming soon to a city near you.
Source: http://thisiscommonsense.com/2012/07/14/video-why-stockton-went-belly-up/
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