So now what? Just plow it under?
The article says that Orr will use the report as a baseline to cut. And cut very, very deeply. The city owes $15.6 billion in debt and long-term liabilities.
"In other words, Detroit spends more than it takes in — it is clearly insolvent on a cash flow basis," Orr wrote in the report.
From The Detroit News: http://www.detroitnews.com/article/20130512/METRO01/305130320#ixzz2TCmx3JF3
Gee, does that sound familiar? Are you LISTENING, BERNANKE, YOU FOOL?!?
Dave Bing, a pretty good basketball player in his day, took on the job of mayor from the interim mayor Cockrel, who had the gig dumped on him after that convicted felon Kwame Kilpatrick filched untold quantities of money from the city's coffers and engaged in "text sex" with his legislative "aide."
When it became clear that Kilpatrick was gonna go up the river, he resigned. The various felony charges included perjury and obstruction of justice (gee, does that sound familiar BILLY JEFF CLINTON?!?) stuck and he went to prison. A subsequent trial added a bunch more convictions onto his record - you know, the usual racketeering and fraud charges.
Detroit began its long, slow slide down into the shithole it's become beginning in the early Sixties. Jerome Cavanaugh, the last white mayor, yielded to Coleman Young, whose own brand of racism and arrogance were the cornerstones of White Flight from the city, essentially leaving the fetid cesspool to blacks.
Who couldn't wait to milk the city for everything they could get.
And this is the result.
Detroit -- a place that mothers don't even love anymore.
