By:
John Seiler
01/25/12 7:45 PM
Bankruptcy is the boogeyman haunting governments across America. It’s not a question of whether more cities will file for bankruptcy, but how many.The culprit is a decade of over-spending by governments, especially on pension guarantees, and an economic slowdown that refused to flip into a robust recovery. The money just isn’t there. And it’s not going to be there even if local governments raise taxes while cutting employees and services to the bone.
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