WRITTEN BY CHRISS W. STREET
While the national media was busy counting down to the $85 billion automatic federal spending sequestration, Detroit Mayor and basketball legend Dave Bing announced that the State of Michigan will take control of the city on March 1st by appointing an Emergency Financial Manager with the equivalent control of a bankruptcy trustee. Detroit committed municipal suicide through crony capitalism and union feather-bedding. As the city’s population shrank from 1.8 million in 1950 to 714,000, Detroit refused to shrink government spending by the $327 million necessary to balance its budget. Perhaps the example of Detroit’s downfall will prod Congress to get serious about downsizing the federal spending before America meets suffers a similar fate. Continue reading