Skip to comments.After Detroit, another city ponders bankruptcy
Posted on 07/08/2014 12:24:40 PM PDT by Kartographer
As Detroit works to emerge from bankruptcy following a court-supervised overhaul, another Michigan city with strong auto industry bonds could be on the brink of beginning the same process, the latest sign that the spate of municipal defaults may not have ended.
Flint, which was the birthplace of General Motors and once had 200,000 residents, also has suffered a spectacular drop in population and factory jobs and a corresponding rise in property abandonment, much like its insolvent big brother an hour's drive south
(Excerpt) Read more at finance.yahoo.com ...
No statute of limitations on robbing taxpayers for bloated public pensions.
A whole bunch of cities should be contemplating bankruptcy. In California alone, about a dozen major cities should be contemplating bankruptcy. Same with New Jersey and, of course Illinois.
Cali, NY, and Ill are golden.
Being bedrocks of Democrat electoral vote strategy, they are guaranteed to get bailouts.
This is what happens when public union workers retire and consume 2 -3 million in retirement benefits paid for by taxes while the funding was for about 300,000 - 500,000.
This is what is caused a deficit.
Yup. People better enjoy laughing at Detroit and Flint because it ain’t nearly as funny when it happens closer to home.
These cities have been in this shape for a long time and past governors have kept them quietly simmering for a long time. As much as I personally dislike Rick Snyder, blowing the lid off this mess is exactly what needed to happen. It sucks for us here in Michigan but we have succeeded in keeping it mostly an instate problem and I just hope others will follow the example when it hits their neck of the woods.
Good idea. Raise the minimum wage to $30 or $40 per hour. Then those people will be “rich” and the cities can tax the s___t out of them too. Problem solved!!
Did Flint have decades of Democrat administration?
Our once great city has been run by a Democrats since 1962. If you want to see the full affects of liberalism one only need yo look at Detroit. Flint has tried to copy them for many years.
See post #10 this thread.
From 1987 to 1991, Flint had a West Point grad, who, if he was a Democrat, was barely one: Matthew Collier.
I thought he was a pretty good guy, and that the city had a little hope when he took office.
Unfortunately, midway through his term, that complete slime ball Michael Moore released "Roger & Me". It was - as we now know is true of all of Moore's movies - full of lies. Mayor Collier said that it completely undercut his efforts to get new investment to move into the city.
Is the Democrat Party some kind of magic idol that no one can touch? Every organization in the US gets sued. Why don’t these people sue the Democrat Party?
Cart and horse ...
The Problem - Flint is almost 60% black... American blacks live under a perverse incentive system set up by white liberal elites to keep them dependent on government, democrats, or BOTH... Does Jeff Karoub know this?
It’s the truth that dare not speak its name.