If Stockton Is Broke, Then Why Isn't San Diego?: Steven Greenhut
Stockton, California, which is heading toward the first steps of Chapter 9 bankruptcy, is described as a crime-racked wretch designated by Forbes magazine as the most miserable city in America.
But it would be wrong to believe that the troubles in the city of almost 300,000 residents in the agricultural San Joaquin Valley are not necessarily a sign of things to come in more upscale municipalities across the state.
Unfortunately, the financial mess in Stockton echoes problems throughout California, even though public-sector union leaders and Democratic state legislators are in denial about this reality. In cities as affluent and diverse as San Jose and San Diego, municipal finances are hitting the wall, driven by unsustainable pension debt and health-care promises made to government workers during more flush economic times...
