What city are you talking about?
I live here so I'm curious what cities you're referring to that are bankrupt or are you getting confused with fiscal cuts?
Three California cities – Stockton, San Bernardino and Mammoth Lakes – have filed for bankruptcy so far this year. They are not likely to be the last, Moody's said.
A Huff Po article even...
LOL you name three cities.....?
Stockton? Really? The population is what 291,707?
"Stockton was disproportionately affected by the collapse of the sub-prime lending market in 2007, and led the United States in foreclosures for that year, with one out of every thirty homes posted for foreclosure."
Reference: Christie, Les (August 14, 2007). "California cities fill top 10 foreclosure list". Money.cnn.com.
San Bernardino? Has a population a little less than Stockton I think somewhere around 208-209,000 people.
If you lived in California you'd know that the Norton Air base closure effected the city's economic growth because it took away thousands of skilled jobs.
Mammoth Lakes? Really? A place more known for its ski areas at Mammoth Mountain than anything. Its population is no more than 8,000 people and yet you name these three cities as if you are proving something?
I had to research the city I was raised just to demonstrate my position.
Let's see what about Compton California "Hub City" this was the city I was born and raised. Very violent, high poverty rate, so surely with Compton being so ghetto and violent with a lot impoverished people not to mention corrupt mayor surely the city would be dragged to the dirt right?
I hate doing this but according to wikipedia:
"Compton was recently designated as an “Entrepreneurial Hot Spot” by Cognetics, Inc., an independent economic research firm. Compton made the national list for best places to start and grow a business, and ranked #2 in Los Angeles County out of a field of 88 cities."
Hmmmm so many violent gangs in the Hub yet ranked #2 in L.A county out of 88 cities?
So as you can see our economy although not the best, California is still in better shape than a lot of countries. As I looked again, according to statistics we are the 12th largest economy on this planet. So with all of our financial woes we are still a strong economy.