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The economy, explained, with stories and surprises. Imagine you could call up a friend and say, "Meet me at the bar and tell me what's going on with the economy." Now imagine that's actually a fun evening. That's what we're going for at <em>Planet Money</em>. People seem to like it.


#256: A City Throws In The Towel

March 5th, 2011

Episode 354 of 902 episodes

When Reading, Pennsylvania fell on hard times a few years back, city officials sold off a lake. They raised property taxes and refinanced their debt. But it wasn't enough: The city couldn't get its budget deficit under control. So, halfway through his second term, the mayor decided he couldn't deal with the problem. He threw in the towel and basically asked the state of Pennsylvania to declare Reading a financial disaster area. On today's Planet Money, we visit Reading to find out what happened next.