42 Bankruptcies Later; Pace of Municipality Bankruptcies Increases
From Profit Confidential
November 27, 2012 - 12:51pm
I’m worried about U.S. debt (which this morning surpassed $16.3 trillion) and I’m concerned it’s going to increase even further. We all know that, since the financial crisis hit in 2008, U.S. debt has skyrocketed. Now with cities and states across the U.S. struggling with their budget deficit and liabilities, I’m concerned the U.S. government will become the ultimate banker—or, I shall say, bankruptcy trustee—adding more to the U.S. debt in the process.
Cities and states are unable to cope with the budget deficits they have created and are struggling to the point where some have filed for bankruptcy and some are becoming doubtful of their fiscal state. Since 1981, 42 U.S. municipalities have filed for bankruptcy; 10 of them in last four years. (Source: Global Research, July 19, 2012). The cities couldn’t handle their respective budget deficits and were not able to pay their...
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