Bankrupt Cities

Stockton Leads CA's Municipal Bankruptcy Rush

Line up in an orderly fashion, folks

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During Vallejo's bankruptcy, which began in 2008, the city cut the number of police in half rather than deal with the "pension problem."

Now, a somewhat similar scenario is playing out in Stockton, a city of 292,000 east of San Francisco that recently displaced Vallejo as the nation's largest city to declare bankruptcy.