Welcome to America’s future, where towns and cities are facing bankruptcies in an economy that fails to recover.
Jefferson County, Alabama, is going bankrupt. This is the largest municipal bankruptcy in the history of our country.
According SF Gate,
The move yesterday by Alabama’s most-populous county came after state lawmakers failed to back a September agreement with creditors led by JPMorgan Chase & Co. that would have reduced its sewer-system debt of more than $3 billion. Governor Robert Bentley and local leaders worked unsuccessfully for two months to rally support for the deal, which fell apart anyway.
“We’ve reached that last resort,” Commissioner Joe Knight said yesterday at the meeting before the 4-1 bankruptcy vote. “We could continue and keep kicking this can down the road, but I think the people of Jefferson County have had enough.”