Friday, October 14, 2011

Bankruptcy

 HARRISBURG IN TROUBLE
Harrisburg, Pennsylvania voted on the protection of the bankruptcy. However, during the process several important figures called that the action was illegal. In order to protect the bankruptcy, there was no way to protect it because it was against the law to protect. The State Senator Jeffrey Piccola said "Rather than wasting precious time on illegal filings and engaging expensive attorneys, the majority of city council should be...working with the mayor and the commonwealth to resolve this crisis."
Nevertheless, these oppositions there were people arguing that the council does not have the authority to file for the bankruptcy. The ratio of the vote was 4 to 3 which was beneficial for the council.
It says that the city of Harrisburg maintains an amount of huge debts looking at the history. That is why this has became a battle against the council and the citizens. 
The state ordered Harrisburg to solve with the problem of the debt, but they rejected it. That is why they are starting a new senate vote in the state of Pennsylvania. The taxpayers of the city will soon reach the saturation level in what they can pay," wrote the council members in the column.This brings up the subjects in Economy. In class we learned that demand and supply curve shifts are occurred by several reasons. And in this article it shows one reason which is the debt of a state. Through the debt, Pennsylvania will have a huge amount of decrease in every other of their supplies and demands. This will give a huge impact to the states citizens, and effect the economic matters of the state, which will be an issue of th America to solve.

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