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In the News: The Sadness of Scranton, PA
According to a recent article in the Economist, Scranton, Pennsylvania now has a worse city debt to city budget ratio than San Bernardino, the California city that recently filed for Chapter 9 bankruptcy. Scranton, the small town in northeast Pennsylvania that became famous as the setting for the hit TV show The Office, is one of dozens or possibly hundreds of U.S. cities that are in serious financial trouble. We recently wrote about the U.S. government’s failure to pass a budget in over three years—no wonder governments are struggling to meet their financial obligations!
Read the rest of the Economist article here.