A number of cities during that period were having major financial problems (some of them still do). I tracked them under "Doomsday: US Cities." The first entry was dated February 4, 2010, and the first three cities: Chicago; Detroit, and Stockton (CA).
A judge accepted the California city of Stockton's bankruptcy application on Monday, making it the most populous city in the nation to enter bankruptcy.
California's 13th largest city; more than a billion dollars in debt. Every city employee-retiree was given health (sic) for life and for one dependent. Will be the country's largest city to "successfully" enter bankruptcy.Stockton, CA, is back in the news. Actually it isn't news. It was first reported a few weeks ago. I thought I had blogged about it but apparently not. But now, another link to the story tonight over at Drudge: California city to experiment with "universal basic income."
The mayor of Stockton, California, is leading an experiment with “universal basic income,” which is set to start by giving low-income residents $500 a month, no questions asked.
Mayor Michael Tubbs calls his city “ground zero” for issues like wage stagnation, rising housing prices and loss of middle-class jobs that affect the nation.I assume if you need "basic income" from the state you do not pay taxes of any kind but you still have full citizenship rights and privileges. I don't know if these families are required to give up food stamps; unemployment insurance; Medicaid, subsidized housing; WIC; SNAP; to name just a few perks.
The Central Valley city went bankrupt in 2012, and for decades it has been trying to diversify its agriculture-based economy
It will be interesting if Mark Perry writes about this.