"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."
-- 2011 only showed two US municipalities filing for bankruptcy (Central Falls, RI and Jefferson County, AL). For 2012, first it was Stockton, CA and now Scranton, PA, as the current dominoes going down and there are surely more to follow. The question is just becoming, how soon before these events quicken in pace? -- JB, Managing Editor
