Website puts county among top potential municipal bankruptcies

Published: Thursday, August 8, 2013 at 10:23 AM.

A website on Tuesday published an article from a member of the Wall Street Journal editorial board highlighting that Gulf County ranks high among his “worry list” of potential municipal bankruptcies.

The article, by Stephen Moore, a senior economics writer, and published on the Newsmax website, examines factors that led to the recent declaration of bankruptcy by the city of Detroit.

Moore lists 20 cities that may face bankruptcy after Detroit.

Coming in at No. 4, below only the California cities of Fresno and Compton as well as East Greenbush, NY, is Gulf County.

Moore’s list is based on bond ratings and other data.

He calls the list the “top 20 cities to watch for financial troubles in the wake” of Detroit.

Moore writes that the 61 largest U.S. cities have amassed $118 billion in unfunded healthcare liabilities, legal promises to pay healthcare to municipal workers beyond the contributions of those employees.

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