Detroit starts to turn around.
They filed for bankruptcy. This is a very good thing despite what the progressives might say.
From
The Detroit News:
Detroit files for bankruptcy
The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday afternoon, culminating a decades-long slide that transformed the nation�s iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems.
The 16-page petition was filed in U.S. Bankruptcy Court in Detroit.
Gov. Rick Snyder�s office was making plans this afternoon to hold a Friday morning news conference at the Maccabees Building, 5057 Woodward in Midtown, according to a source. It�s the same location where the governor declared a financial emergency for Detroit on March 1.
Under state law, Snyder is required to approve a Chapter 9 filing. As of Wednesday, Snyder said he had not received any such request from Detroit Emergency Manager Kevyn Orr. Sources close to the governor said the situation is fluid, adding that Snyder intends to study Orr�s recommendations and related documents �for a couple of days� before making his decision.
It will be very tough for the city's retired people -- pensions are on the table for negotiating. What will be good is that this effectively terminates the union contracts and they can now be re-negotiated or non-union labor can be hired.
This is what the end-game of socialism look like -- no more money for the entitlements...
Posted by DaveH at July 18, 2013 4:03 PM