Machine Learning

Stockton, Calif , is the latest city to file for bankruptcy protection It€™s a city of nearly 295,000 people that can€™t keep up with its bills Stockton is the largest city in the state to ever file for bankruptcy Its a city that depends heavily on the agricultural industry But the city wasn’t€™t hit by a natural disaster It€™s been struggling for years because of its own poor fiscal management Stockton has struggled with its finances for years, including a campaign promise to give every citizen of the city a free garbage can They also had a generous pension plan for city employees But Stockton was in denial They had been spending money they didn€™t have The city was spending more than they were bringing in, and they weren’€™t paying their bills The city was also spending money on a sports arena The city was paying $300,000 a year on a loan the city could never pay back The city had been spending money they didn’€™t have, and it only got worse The city’ €™s bond rating kept dropping The city