Sunday, September 15, 2013

How Detroit went broke: The answers may surprise you — and don't blame Coleman Young

How Detroit went broke: The answers may surprise you — and don't blame Coleman Young | Detroit Free Press | freep.com:
"Instead, amid a huge exodus of residents, plummeting tax revenues and skyrocketing home abandonment, Detroit’s leaders engaged in a billion-dollar borrowing binge, created new taxes and failed to cut expenses when they needed to.
Simultaneously, they gifted workers and retirees with generous bonuses.
And under pressure from unions and, sometimes, arbitrators, they failed to cut health care benefits — saddling the city with staggering costs that today threaten the safety and quality of life of people who live here."
MUST READ-A primer on how to destroy ANY municipality!

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