Jul 11, 2017
There have been many news reports lately about the likely possibility that the Commonwealth of Puerto Rico, a U.S. territory, may be forced into bankruptcy. This is the result of out of control spending by the government for years, and a reduction in tax revenues due to the flight of thousands of people from the island. What is not being widely reported is that a large number of U.S. cities and even some states are facing the same possibility.
Cities like Chicago, Hartford, Connecticut, and even New York City have serious financial problems as do states like Illinois, California, and Oregon. There are many more and all have one common factor, they are controlled by liberal Democrats who try to cover up their out of control spending with massive tax increases.