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Vallejo, California, is on the verge of its second bankruptcy, primarily because of its unwillingness to negotiate its pension plans' terms.

In 2008, many banks were deemed “too big to fail,” and government (taxpayers) bailed them out. Since then, bankers and bureaucrats have insisted the money keep flowing.

Economic ignorance and union influence will force Scranton, Pennsylvania, into Chapter 9 bankruptcy. 

The Heritage Foundation tracks the continuing decline in economic freedom of the United States, placing it now just behind Estonia and just ahead of Bahrain.

The free market continues to stay at least one step ahead of the regulators, this time with incandescent light bulbs.

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