State of Bankruptcy

Here’s an interesting editorial on the possibility that California might go into bankruptcy in an attempt to get its fiscal house in order — an option that some other governmental entities have exercised. It is sad state of affairs when elected leaders bring governmental bodies to this point, but the bankruptcy laws are there for good reasons. Better to use the bankruptcy laws to fix the problems that are driving California under than to use budget gimmicks and borrowing that will only make the problems worse in the long term.

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