Cities going bankrupt? It could happen to you.

July 11, 2012 JBudget & Spending

Another city has gone bankrupt.  Scranton, Pennsylvania’s, the state’s sixth-most-populous city (population of 76,089 in 2010 census), is down to its last $5,000 and has no way to pay salaries.The mayor wants an immediate tax hike of 29% and 78% over three years. In every sense of the word, Scranton is bankrupt.

And this May become a sign of the times. Texas cities are not exempt as local governments on Texas are $322 Billion in debt.

The real fairness issue is how unfair it is that we are leaving our children and grandchildren a mess — bloated government and rising debt.

We can and must act now. Join AFP to be part of the solution!

http://www.businessinsider.com/scranton-mayor-slashes-all-public-worker-wages-2012-7

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