How widely known is this? Well they know it Los Angeles.
LA Times Article: Scranton & Bankruptcy.
Granted, this is not the most flattering picture of the city, and I don't think that the properties shown on the webpage are actually in Scranton. However, the basic facts are true:
- The city's revenue comes no where near matching operating expenses.
- The city has to borrow to meet operating expenses.
- Basically no one (other than a union-owned bank) will lend the city money.
- The city can not afford court judgments against it.
If the above isn't the very definition of "municipal bankruptcy", then what is?