"Time to start watching U.S. cities go bankrupt. Prior to Detroit, there was Stockton, California, and, according to Stephen Moore, now the chief economist with the Heritage Foundation, there are more than sixty of the largest cities that “are plagued with the same kinds of retirement legacy costs that sent Detroit in Ch
apter 9 bankruptcy” last year.
“Keep an eye on ‘too big to fail’ cities like Chicago, Philadelphia, and New York,” he warned. Among the twenty cities he listed in an August 2013 Newsm
ax article, he cited Compton and Oakland, CA, Harrisburg, PA, and Providence, RI. What these and other cities have in common is that “the vast majority are located in states with forced unions, non-right-to-work states.”