A Crisis Born of Bad Decisions and False Hope--sound familiar?
For Detroit, a Crisis Born of Bad Decisions and False Hope - NYTimes.com: " . . . . Under Michigan law, the emergency manager would ultimately have the authority to remove local elected officials from most financial decision making, change labor contracts, close or privatize departments, and even recommend that Detroit enter bankruptcy proceedings, a possibility that experts say raises the prospect of the largest municipal bankruptcy in the nation’s history, at $14 billion worth of long-term obligations.
None of the decisions, experts here say, will be simple, and some wonder whether Detroit can be saved at all. Some 700,000 residents now live in this vast 139-square-mile city that once was home to nearly two million people. That number may fall to close to 600,000 by 2030 before the population begins to rise again, one regional planning group projects. By pushing costs into the future while its population is shrinking, Detroit has left the people least able to pay with the biggest share of its bills.
“Detroit is a microcosm of what’s going on in America, except America can still print money and borrow,” Mr. Boyle said."
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6 days ago