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Isn't Detroit a monument to democratic leadership seeing it hasn't had a republican Mayor since 1957?
Detroit said Friday it would stop making payments on about $2.5 billion in unsecured debt and ask creditors to take about 10 cents on the dollar of what the city owes them in a move to avoid what bankruptcy experts have said would be the largest municipal bankruptcy in U.S. history.
Detroit's fiscal nightmare didn't occur overnight. It's been decades in the making as city leaders took out bonds at high interest rates to pay bills Detroit's general fund couldn't cover.
"The average Detroiter has to understand this is a culmination of years and years of kicking the can down the road," Orr said. "We can't borrow any more money. We started borrowing from our own pension funds."
The city's budget deficit could top $380 million by July 1. Orr believes Detroit's long-term debt is more than $17 billion.
Detroit Emergency Manager Kevyn Orr
6 Answers
- Anonymous8 years agoFavorite Answer
The Left's shining light on a hill.
- GrizzLv 68 years ago
Detroit is a monument to unrestrained capitalism.
Lure the workers in to toil in your factories and then abandon them when it becomes more profitable to manufacture your product elsewhere.
- Joe HeatonLv 78 years ago
No, it's a monument to shifting economics.
Any attempt to ascribe other answers is a desperate attempt to bolster an idiotic association.
By comparison, who would want to live in Texas, Mississippi, Alabama, or South Carolina?
Those states are basket cases.
Texas in particular is rated the lowest on most scales.
..
- Hater PoliceLv 78 years ago
No more so than failing Red states represent the GOP. Several constantly look to the federal gov't to prop them up. And, which fail in a number of categories such as education, health care, rate of teen pregnancy, etc.
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- Anonymous8 years ago
Who wants to live in Detroit anyway? It is a dumping ground for tar sand and oil waste.
Source(s): http://occupyamerica.crooksandliars.com/diane-swee... http://www.nytimes.com/2013/05/18/business/energy-... - Anonymous8 years ago
Detroit is a shining example of the happiness that Democrats long to bring to every citizen of this great nation.
