We’re No. 2!

Orange County officially lost its claim to the dubious title of having the largest government bankruptcy in U.S. history.

As of Wednesday, that title goes to (drum roll, please) Alabama’s Jefferson County, which filed for Chapter 9 Wednesday under the weight of $4.15 billion in debt.

According to the Associated Press, Jefferson County residents can look forward to higher fees and taxes as a result of the county’s financial woes. Orange County is still paying off its debt from the 1994 bankruptcy of at least $1.5 billion. The bankruptcy resulted in decades of debt payments and reduced services along with a renewed emphasis on fiscal conservatism that ushered into office supervisors such a John Moorlach. Moorlach, who represents Seal Beach, Los Alamitos, Rossmoor and Fountain Valley, made a name for himself by warning that risky investment practices would lead to the county’s financial woes.

It’s been nearly 20 years since Orange County’s bankruptcy. What do you think will be the lbankruptcy's legacy, and is there a silver lining to be found?

Tell us what you think in the comment box.