And the reason is simply because we don't make (manufacture) things (goods in the U.S.) anymore. [View all]

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http://www.cbsnews.com/8301-505263_162-57461537/economists-say-stockton-calif-wont-be-last-u.s-city-to-go-bankrupt/

June 27, 2012 7:54 AM

Economists say Stockton, Calif. won't be last U.S. city to go bankrupt

(CBS News) STOCKTON, Calif. - Stockton, Calif. could become the largest American city ever to file for bankruptcy on Wednesday.

And economists warn other large U.S. cities could be next. snip

Peter Navarro, a professor of economics at the University of California - Irvine, says there is, "a long queue out there of cities like Stockton that are going to be doing the same thing."

Navarro points to cities such as Vallejo, Calif. and Central Falls, Rhode Island, which also went bankrupt, largely because of unfunded pensions. Jefferson County, Ala. filed for Chapter 9 protection, sinking in $3 billion dollars worth of debt.

"This is not a story about Stockton," Navarro stressed. "It's a story about the failure of our national economy. And the reason is simply because we don't make (manufacture) things (goods in the U.S.) anymore."

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