Detroit’s Debt

By TerranceH

I haven’t written anything in awhile due to lack of inspiration, but an article in today’s Detroit Free Press gave me just the spur I needed to get back in the saddle. It’s about the City of Detroit and  its $17 billion debt.  Soon, Detroit may hold the title for the largest municipal bankruptcy in American history. And have I mentioned the city has been run almost entirely by Democrats for the last 40 years?

That is until Governor Rick Synder appointed an Emergency Financial Manager, effectively stripping the Mayor and City Commission of their authority. Many people stand opposed to the idea of an unelected individual running the city, but desperate times call for desperate measures. The exact theme of the article in question.

It’s quite possible Detroit may be forced to sell many so-called priceless possessions. Even originals by Rembrandt and Van Gogh are on the table. Indeed, the entire Detroit Institute of Arts, with a collection worth billions of dollars, could be liquidated. The beautiful Belle Isle Park could be sold to the highest bidder. And a collection of concept muscle cars, literally pieces of Detroit’s history, could be parked in some rich man’s garage by this time next year.

It’s truly a sad fate for Michigan and the City of Detroit. But certainly not unforeseen. The vast majority of that $17 billion debt is in  future pension obligations. Democrats courted the public unions for years and years, giving them every thing they wanted. And now it’s time to pay the price. But that price might be paid by young Timmy Tulip, a young boy from Detroit’s West Side. He’ll grow up a felon instead of an artist because he was deprived of the opportunity to view an original Van Gogh. Yes, I can see the headlines now: Republicans Sell Paintings; Child’s Future. 

I don’t mean to make light of the situation, but truly, Governor Rick Snyder and Detroit’s EFM are in a tough spot. No matter what they  do, Democrats will attack them. Democrats sunk Detroit into a  debt of $17 billion. That’s the only reason the liquidation of the Detroit Institute of Arts is being considered. But Republicans will still take the blame.

 

Comments

  1. Isn’t that something? Democrats and liberal policies have turned Detroit — the one time capitalism capital of the world, a beacon of ingenuity — into a veritable waste land. I remember reading a while back that the city was giving away homes and money to fix them if only people would move there.

    And now, just like you said, Republicans will go in and make the tough decisions and be called heartless. They will re-structure the pension system, they sell assets, they will cut programs and be called despicable for it.

    No one will look at how the problem arose, they will only criticize the solution.

  2. Take a city and add over 50 years of Liberal politics and education and you get Detroit.

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