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Before Stockton: five other big financial crises for US municipalities
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Stockton, Calif., recently became the largest US city in history to declare bankruptcy, and it may not be the last. A perfect storm of a low tax receipts, high retiree obligations, cash-strapped state budgets, and ill-advised fiscal decisions has swamped towns this year, big and small, from coast to coast. The result is an unprecedented number of municipalities up against severe financial difficulties.
Here’s a look at some of the most notable financial collapses and near-collapses for US municipalities over the years.
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Here's a look at some of the most notable financial collapses and near-collapses for US municipalities over the years.
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By Mike Eckel , Contributor
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