Monday, May 13, 2013
Detriot Should Just Declare Bankruptcy
And end it all now. There is no way that a city that is as broken as Detroit, with a deficit of 386 million and total outstanding long term debt of over 14 billion, can recover. What's really funny is that out of it's total 400 million in short to medium term liabilities almost 30% of that debt comes from public projects that were supposed to rejuvenate the ailing city. Time and time again we have examples of cities, that instead of opting for fiscal restraint, aim for hairbrain public works projects as the panacea for their fiscal woes that only hasten the economic suicide of the municipality. This should be front page news and be a cause of foreboding for all Americans, but it will remain under reported and under read. Eventually Detroit will announce bankruptcy and we will hear the gnashing of teeth and the wail: "How could this have happened?"