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Emergency manager: Detroit won't pay $2.5b it owes

zimmer

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Fisher

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Detroit is an example of what happens when a city outlives it usefulness but spends like it is growing as it collapses, not that unlike the the path the US is on.
 

Deuce

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Detroit is an example of what happens when a city outlives it usefulness but spends like it is growing as it collapses, not that unlike the the path the US is on.
You think America has outlived its usefulness!?
 

Fisher

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You think America has outlived its usefulness!?
I think relative to the rest of the world, the US is losing its status as the shining city on the hill and the democrats and republicans are both double downing on the same policies that are causing this.
 

Deuce

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I think relative to the rest of the world, the US is losing its status as the shining city on the hill and the democrats and republicans are both double downing on the same policies that are causing this.
Part of the problem is that we think we were a "shining city on the hill."
 

zimmer

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Part of the problem is that we think we were a "shining city on the hill."
When people seeking a new land to live in, put America at the top of the list.

The decay of America is easily traced to leftist, socialist HIV that has infected American society.
 

zimmer

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I still have trouble understanding how a single city is allowed to amass a mulch-billion dollar debt.
Look at our Federal government... How did they build up 17 Trillion in debt and $60 trillion in unfunded liabilities? Same, same. People who think the gravy train will never end, and just keep piling one fiscal idiocy atop another for decades.
 

Thoreau72

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On the other hand, apparently several California cities near bankruptcy have turned things around a bit. Enhanced revenue will work wonders, if spending is kept constant or reduced. Too bad that won't work for Detroit.
 

PeteEU

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Look at our Federal government... How did they build up 17 Trillion in debt and $60 trillion in unfunded liabilities? Same, same. People who think the gravy train will never end, and just keep piling one fiscal idiocy atop another for decades.
They elected GOP presidents... :)
 

zimmer

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They elected GOP presidents... :)
More intellectual dishonesty... just like you Rush/Holocaust post. Pure intellectual dishonesty, but hey! You're a Socialist, and the foundation of socialism is lying.

Socialist schemes pushed by leftist legislators. The largest and most costly by Democrat presidents. The famous triplet... The Raw Deal, The Grating Society and now ObamaKare.
 

TheInternet

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Completely pinning this on Dems running the city forever is unfair. To fail to acknowledge outsourcing of automotive manufacturing as a culprit of Detroit's demise is dishonest.

With that out of the way, Detroit leadership should have understood what was taking place. As the city lost jobs and revenues, expenditures should have been scaled back. Obviously that didn't happen.
 

CalGun

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If I were a creditor I'd demand they raise taxes and pay me back. They were leant money on the full faith and credit of a taxing authority. It's time for the leaches of this society to stop enjoying a free ride and pay their bill.


Amerika's future.
 

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They could pay it off in a month if the cops would grab the crack money off the streets.
 

Visbek

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Amerika's future.
It's likely that some municipalities will run into similar issues.

However, Detroit is very different than the rest of the nation, in numerous ways. E.g. unlike most cities (which are growing), Detroit has been shrinking for decades, and has lost 60% of its population since 1950. It lost its industrial base, and later was heavily damaged by race riots. Crime rates have fallen slightly, but nowhere near as much as most other cities.

Debt is not what's killing Detroit. It's the loss of population, the loss of industry, and the relatively high crime rates. The fiscal crisis is a symptom more than a cause.
 

zimmer

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It's likely that some municipalities will run into similar issues.

However, Detroit is very different than the rest of the nation, in numerous ways. E.g. unlike most cities (which are growing), Detroit has been shrinking for decades, and has lost 60% of its population since 1950. It lost its industrial base, and later was heavily damaged by race riots. Crime rates have fallen slightly, but nowhere near as much as most other cities.

Debt is not what's killing Detroit. It's the loss of population, the loss of industry, and the relatively high crime rates. The fiscal crisis is a symptom more than a cause.
And why would businesses leave Detroit? How does one keep business in their cities and attract more business? Be business friendly. That means governments and unions, but the latter are another strain of business HIV; Job killers.

California with all its benefits has turned from a business friendly state that was looked to as cutting edge, to a socialist nightmare that is business hostile. They're losing businesses and residents... due to idiotic socialist legislation.

States, cities, countries all wither and die when Socialism infects the system.
 

fmw

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Completely pinning this on Dems running the city forever is unfair. To fail to acknowledge outsourcing of automotive manufacturing as a culprit of Detroit's demise is dishonest.

With that out of the way, Detroit leadership should have understood what was taking place. As the city lost jobs and revenues, expenditures should have been scaled back. Obviously that didn't happen.
That's why it was the fault of those who run the city. The boss is always responsible. That's how it work.
 
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