Detroit goes bellyup
ecthompsonmd
July 22, 2013
On Friday we heard that Detroit was in deep trouble and filing for bankruptcy. When you let the rich work in your city but live elsewhere, and pay taxes elsewhere, this is what happens. From Robert Reich: One way to view Detroit’s bankruptcy — the largest bankruptcy of any American city — is as a failure of political negotiations over how financial sacrifices should be divided among the city’s creditors, city workers, and municipal retirees — requiring a court to decide instead. It could also be seen as the inevitable culmination of decades of union agreements offering unaffordable pension and health
