Atlantic City, N.J., is in the midst of a financial crisis that has been in the making for years. Increased competition and a host of unfortunate spending and hiring decisions have led to a state of affairs that currently features the nation’s highest home foreclosure rate, junk bond credit status an alarmingly large budget deficit. More recently, public officials have fought whether schools should be funded at the expense of shutting down city government, or vice versa, as if either would be an acceptable outcome.
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