US Cities at Risk of Bankruptcy
Next to the housing crisis, some economists say cities declaring bankruptcy is the biggest threat to the U.S. economy in 2011 More than 100 cities could go bust in the new year derailing the economy in America.
December 29, 2010 "Press TV" --
In Michigan, a small city called Hamtramck says it only has funds to operate until March first. City officials have slashed money for boarding up abandoned houses, cutting grass and no money has been set aside to plow snow from the streets.
Communities across the country are in a similar situation and have cut city employees work weeks down to four-days and have eliminated parks and senior centers.