To paraphrase the MC5, ‘The Motor City’s collapsing, people.’ Or, to put it another way, when the US economy catches a cold, Detroit gets pneumonia. Michigan will be appointing an emergency financial manager for Detroit, citing a financial emergency.
Let’s not forget, Detroit gave us the greatest soul music ever, amazing high energy rock and roll, and was the birthplace of techno. Respect.
If the city goes bankrupt, it would be the biggest municipal bankruptcy in US history. I don’t think this is a plot by evil Republicans to privatize Detroit because, sadly, given the current condition of that once thriving city, the road to recovery will be long and difficult.
A report commissioned by [Michigan Gov.] Snyder has described what it called “operational dysfunction” in the city government, crushing debt of $14 billion and a current fiscal year budget deficit of $100 million.
More to the point, is Detroit a bellwether and will other cities follow?