What happens when a city government tries to tax, spend, and borrow its way to prosperity? Hint: it goes broke:
A state-appointed review team has determined Detroit is in a financial emergency, paving the way for Republican Gov. Rick Snyder to appoint an emergency manager who would need to come up with a new plan to get the city out of its fiscal crisis.
The team released its findings Tuesday, saying in a report to Snyder that "no satisfactory plan exists to resolve a serious financial problem."
The review team pointed to the city's ongoing cash crisis, which have threatened...