The Alta Californian

We saw Vallejo declare bankruptcy last year, but many other California cities are on their way to likely bankruptcy.  I’m starting a “short list” of those that have been in the media lately with the possibility of bankruptcy being mentioned.  I plan to update it as more cities and counties join the party.

Rio Vista and Isleton
Napa Valley Register

Butte County
County versus State

This article also mentions Kern County and Shasta County as examples that have thus far avoided bankruptcy.

California Itself

The possibility of the State of California itself having to file for protection seems to be real.  As anecdotal evidence, this is the first time that I’ve heard the state advertising bonds on the radio, as if we are selling war bonds to the general populace.  Maybe the state does need to sell “crisis” bonds to the public in order to close the budget gap.  What I would prefer to see, though, is large-scale reform of taxes and spending, including changing property tax laws, and current and future state pension benefits.  In California, actually going bankrupt is probably the catalyst needed to force us to get our financial house in order.  Heck, we are people who just authorized a high-speed rail project in the midst of budget emergency.  We are model of financial responsibility!