Stockton, California: The Bleeding Edge of a Scary Economic Trend
Filed under: Economy, Money and Politics
On Thursday, Stockton, Calif., became the biggest U.S. city in history to file for bankruptcy. At the same time, it also became the new face of America’s national budget battle. For while Stockton is relatively rare in facing budget troubles so intractable that they necessitate a Chapter 9 filing, its struggle to put its financial house in order illuminates the wider problems facing the entire country in the wake of the Great Recession.
Municipal bankruptcies are nothing new — as The San…
Stockton, California: The Bleeding Edge of a Scary Economic Trend originally appeared on DailyFinance.com on 2012-06-30T01:25:00Z.
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