The process of going over a fiscal cliff, as residents of Mammoth Lake, CA have come to learn, echoes grieving: denial, anger, blame, acceptance.
The town filed for bankruptcy in July after a property deal went south, costing residents over $5,000 a person, the Guardian reports. And for the next 23 years, Mammoth Lakes will put $2 million a year towards its $29.5 million debt. Interest will put the final bill at $48.5 million.
While the town makes money from being a tourist hotspot, pulling in 1.5 million visitors a year, it nonetheless has to deal with spending cuts.
Both local government and businesses are slashing spending. The police force will be winnowed to 10 officers, snow removal sidelined, and the swimming pool emptied.
The town, which can't raise levies on its own, is also looking to increase off-season visitors by holding special events.
But as the news editor of Mammoth Times tells the Guardian, acceptance and resignation has rooted itself among residents.Via the Guardian