SEARCH BLOG: DETROIT.
The Chicago Tribune ran this headline:
Analysis: Stuck in reverse, Detroit edges closer to bankruptcy
The story of Detroit's decline is decades old: Its tax revenue and population have shrunk and labor costs have remained out of whack. But the city's budget problems have deepened to such an extent that it could run out of cash in a matter of weeks or months and ultimately be forced into what would be the largest-ever Chapter 9 municipal bankruptcy filing in the United States.
Frustrated by the lack of concrete progress, Michigan Governor Rick Snyder, a Republican, last month appointed a team to scour the city's books. The audit could result in a state takeover of Detroit's finances through the appointment of an emergency financial manager. Such a manager, who would seize control of the city's checkbook, could then propose federal bankruptcy court as the best option.
Snyder, who has called the situation "a crisis in terms of financial affairs," said the team would deliver its report in February.I left this comment:
My wife and I moved to Michigan 5 years after the riots... she was not happy with the idea. But we took up residence in a suburb and stayed in that area for almost 40 years, during which I worked for periods in Detroit and watched it disintegrate physically, financially, and racially. Detroit's doom was sealed with Coleman Young and his "hate whitey" politics which quickly accelerated the white exodus to more welcoming places. Kwame Kilpatrick was the second version of Coleman Young and took corruption to new heights. But the black "super majority" seemed to take the approach that "he is a crook, but he's our crook" rather than kicking the bum out. That was left to the courts.
Bankruptcy may take some of the urgency away from solving the myriad problems that are Detroit, but it only postpones facing the music. Detroit is a shell of its former self... a rotting shell. There are some enclaves of relative prosperity, but they are fragmented and disconnected from the whole. Ultimately, there is only one solution for Detroit... dissolution.