The Wall Street Journal
Atlantic City is in the midst of a financial crisis that has been in the making for years. Increased competition and a host of unfortunate spending and hiring decisions have led to a state of affairs that currently features the nation’s highest home foreclosure rate, junk bond credit status and an alarmingly large budget deficit. More recently, public officials have fought over whether schools should be funded at the expense of shutting down city government, or vice versa, as if either would be an acceptable outcome.
This article was originally published by the Daily Bankruptcy Review and The Wall Street Journal on May 24, 2016 and is republished with permission.