A sigh of relief swept through Detroit recently after a judge threw out a legal challenge to the “consent agreement” the city just signed with the state to clean its books and avoid bankruptcy. The lawsuit, filed by the city’s megalomaniacal legal counsel, represented a level of overreach ridiculous even by Detroit’s lofty standards. But in the tragicomedy that is Detroit, it would have been better if it had succeeded and expedited Motown’s rendezvous with bankruptcy.
If there is any solution to Detroit’s fiscal mess, it may lie in the legal, not political, arena.
Fiscal deficits have been a fact of life in Detroit for decades as residents and industry fled its high taxes, high crime, shoddy schools and erratic trash services, thus eroding its tax base. Now, however, Detroit is flat broke, with a $265 million deficit that it has run out of gimmicks to fix.
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Dalmia: Detroit Has Run Out of Other People's Money (1),See Also:
Isn’t socialism great! It started out local and now threatens the entire nation. The denied rebirth and assured decline of America into the cess pool of socialism began with these words “We are five days away from fundamentally transforming the United States of America”.
http://blogs.denverpost.com/captured/2011/02/07/captured-the-ruins-of-detroit/2672/
No difference between socialist fiscal management and an individual maxing out all his credit cards and having a zero balance in the bank: Short term living ” Large ” leading to eventual financial collapse.
There is no will for the alternative, radical strategy – starving the beast. Detroit is doomed. The productive people and businesses will continue fleeing to other jurisdictions. Until that happens, there will be no serious effort to get costs and corruption under control. A “ghost city” occupied by race-baiting politicans and union goons. A modern day “zombieland”. Cheers.