ABC:
Faced with a mountain of debt and burdensome union contracts, Detroit’s financial predicament appears similar to the one General Motors and Chrysler confronted during the economic meltdown. However, while the motor companies received a bailout, the Motor City likely will not.
Although state and city leaders say they’re close to a compromise that would prevent the appointment of an emergency manager to take over the reins of city government, the deal would only give Detroit resources and support from state officials in Lansing — not cash. The automakers got a major boost from the U.S. government on their way back to profitability.
Thus, while Detroit’s elected leaders would remain in charge, the challenges the city still faces are massive as it suffers from declining revenue based partly on an ebbing population. The city is saddled with $13.2 billion in long-term obligations — including $5.5 billion in future medical liabilities — and $2.5 billion general fund debt. It’s at risk of running out of cash by the end of May.
The key point here is that Detroit’s elected thugs get to retain control. But is a solution at hand?
Angry over steps being taken due to a financial emergency in Detroit, New Black Panther Party leader Malik Shabazz declared he would burn the city down.
“This is white on black crime,” he said during public comment at the two hour meeting held Monday afternoon.
“This is white supremacy. Before you can take over our city, we will burn it down,” he added.
Perhaps such a conflagration and a little help from FEMA would make Detroit a new non-union center for producing trailers.
jefferson101 on March 27, 2012 at 8:39 pm said:
Were I fan of “Urban Renewal”, I’d probably be down with the .Gov tearing it down and starting over.
Since I’m not a fan of .Gov programs, I’m more in the mode of letting the local residents burn it down, and waiting and seeing what happens after they do so. Without any Government funds, I might add.
Build a fence around it, and let anyone who wants to live there go after it in whatever way they choose.
Hey. I may choose to retire there if they do that. It could turn out to be a nice place, eventually.
Rocketman on March 27, 2012 at 11:26 pm said:
Detroit is but the first in many liberal Dominoes to fall, owing to many of the same policies the progressive dems would foist upon the nation.
Of course, our pal meep has been following the “DOOM” story longer than ACE’s man Monty, so this is all well known to us.
Save for the “helpful” offer of the NBPs. But to doubt his good intent is, well, you know…
Starless on March 28, 2012 at 8:11 am said:
Let me see if I understand this: a guy got up in front of city officials at a public meeting and threatened to burn the city down. He was taken into custody shortly thereafter, right? Or do NBP leaders get a pass on making threatening statements?