U.S. Is Going Bankrupt One City at a Time

By Alan Caruba

Time to start watching U.S. cities go bankrupt. Prior to Detroit, there was Stockton, California, and, according to Stephen Moore, now the chief economist with the Heritage Foundation, there are more than sixty of the largest cities that “are plagued with the same kinds of retirement legacy costs that sent Detroit in Chapter 9 bankruptcy” last year.

“Keep an eye on ‘too big to fail’ cities like Chicago, Philadelphia, and New York,” he warned. 

Read more>>