Companies owned by President Donald Trump have declared bankruptcy six times, a reminder that a corporation that defaults on repaying money it has borrowed is often forced into bankruptcy court.

Several California cities, including Stockton and San Bernardino, that unwisely made pension promises to their employees that they could not keep also wound up before a federal bankruptcy judge.

And then there’s California’s state government.

Five years ago, California borrowed $20 billion from the federal government because its unemployment insurance system didn’t have enough money to pay a strong surge of claims. More than two million Californians had lost their jobs after Gov. Gavin Newsom forced many businesses to shut their doors due to the COVID-19 pandemic.

California was not alone in bo

See Full Page