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Manhattan Moment: Death by arbitration: How cities go broke

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In a "Saturday Night Live" skit four years ago, cast member Jason Sudeikis, playing Joe Biden, comically described Scranton, Pa. -- the then-vice presidential candidate's hometown -- as "the absolute worst place on Earth." Scranton has indeed suffered through hard times: The city's poverty rate today is several percentage points above the national average, and its median household income is...