-By Warner Todd Huston
Ruins of Detroit after decades of Democrat control
Well, the bills have come due and Detroit has gone from Motor City to Tap City declaring bankruptcy, the largest U.S. city to ever do so. This is what Barack Obama wants to turn the whole country into, folks.
Not long ago the state of Michigan passed a law to give power over troubled city budgets to what is called “an emergency financial manager” and Detroit had been under the guidance of EFM Kevyn Orr for some time. But Orr has essentially admitted defeat by recommending that the former auto-making powerhouse file for Chapter 9 protection.
Orr reported to the state legislature that the city was upwards to $20 billion (yeah, “billion” with a “b”) in debt and that it wasn’t possible to make good on that debt.
(Meanwhile, our bailed out auto industry is now outsourcing to China! Nice, eh?)
In a letter appended to the filing, Michigan Governor Rick Snyder said, “The citizens of Detroit need and deserve a clear road out of the cycle of ever-decreasing services.”
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Detroit Bankruptcy: Motor City Becomes Tap City”