First U.S. State Capital Ever To File for Bankruptcy: Harrisburg, PA

Harrisburg, PAAmerica (in this case, Pennsylvania), Fuck YA! AFP via Google reports:

Pennsylvania’s state capital Harrisburg has declared bankruptcy, according to a court filing seen on Wednesday, raising the specter of a string of local defaults across the United States.

The city — whose finances have been ravaged by the costs of upgrading a once-mothballed trash incinerator — filed late Tuesday to seek protection from creditors. The city reportedly owes around $310 million.

According to the Bankruptcy Court filing, Harrisburg has between one and 49 creditors. It also reported a roughly equal amount of assets and liabilities, in the range of $100-500 million.

The state of Pennsylvania had tried to force Harrisburg to sell off those assets in order to pay bondholders, but the city council reportedly voted by a margin of four to three on Tuesday to opt for bankruptcy. The result is a rare, but not unexpected, US municipal bankruptcy amid a faltering economy.

More: AFP via Google

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  • Redacted

    So, when the USA collapses under its debt, who do you suppose we’ll be sold off to? How loud will the Russians be laughing?

    • I_abide

      USA (now owned by China LLC)

      • Irishpotatogun

        A wholly owned subsidiary of Israel.

    • http://www.ContraControl.com/ Zenc

      They’ll try selling the public infrastructure off to private corporations.

      They’ve been doing that sort of thing to the institutions which “serve” the powerless for some time now.

      Before too long it’ll be so that if you have a billing dispute with the toll-road company you won’t be able to leave your house, because all roads will be toll roads.

      And good point, since we did something similar to them, I’m sure we’ll be able to hear the Russians laughing  the whole time. And not without a note of poetic justice.

      • Anarchy Pony

        AGH! We can’t allow the Right Libertarians to take over! It’ll be some science fiction dystopian nightmare.

  • Anonymous

    So, when the USA collapses under its debt, who do you suppose we’ll be sold off to? How loud will the Russians be laughing?

  • Anonymous

    So, when the USA collapses under its debt, who do you suppose we’ll be sold off to? How loud will the Russians be laughing?

  • Anonymous

    USA (now owned by China LLC)

  • http://www.ContraControl.com/ Zenc

    They’ll try selling the public infrastructure off to private corporations.

    They’ve been doing that sort of thing to the institutions which “serve” the powerless for some time now.

    Before too long it’ll be so that if you have a billing dispute with the toll-road company you won’t be able to leave your house, because all roads will be toll roads.

    And good point, since we did something similar to them, I’m sure we’ll be able to hear the Russians laughing  the whole time. And not without a note of poetic justice.

  • DeepCough

    So how long before Washington, D.C. files for bankruptcy (financial bankruptcy, mind you)?

  • DeepCough

    So how long before Washington, D.C. files for bankruptcy (financial bankruptcy, mind you)?

  • Wickedshnell

    AHH.. I live there

  • Wickedshnell

    AHH.. I live there

  • Irishpotatogun

    A wholly owned subsidiary of Israel.

  • Screwed driver

    They have my sympathy as my penis filed for unemployment benefits several months ago…

  • Screwed driver

    They have my sympathy as my penis filed for unemployment benefits several months ago…

  • Wanooski

    AGH! We can’t allow the Right Libertarians to take over! It’ll be some science fiction dystopian nightmare.

  • arfer

    another first for the Quaker Provence.

  • arfer

    another first for the Quaker Provence.

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