Every now and then, you just have to ask yourself, “What are those crazy people doing?”
Detroit’s debt and bankruptcy. By the way, this is a great article, extremely detailed.
Like everything in progressive politics, Detroit borrowed to pay for their party. And as is expected in a market economy, customers (residents) decided to move to lower cost suburbs where they received more services at a lower cost.
Yet, the progressives continued to party on. They gave away more and more money (welfare) and thought that the grand children would eventually pay the tab.
Now. In fairness, when you promise a city employee a lot of money, the employee thinks they have ‘earned’ that money.
But, when the money promised is unrealistic, eventually, you have to pay the bill.
So, the biggest problem right now is incredibly simple. The city employees (and retired city employees) do not want to lose any money as the city goes bankrupt.
Well. Even if the judge allows the city to walk away from ALL other debt owed, there is not enough money to pay the employees and retirees. And no one will loan them more money.
So, I think Detroit will become the largest of the great progressive failures.
Sadly, a lot of ‘nice’ people continued to work for a very corrupt regime. And that regime failed everyone.
Because at the end of the day, America is paying for this failure.
What should we do?