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Detroit's bankruptcy follows decades of decay

old progrmr2 Wrote: Jul 19, 2013 1:19 PM
Detroit is the canary in the coal mine for many leftist ruled cities where pension costs will eventually crush the city budgets. It will be most interesting to see the response of those liberal city dwellers when city services begin being cut so those retired public "servants" can be paid their pensions and Cadillac health plans. "Oh we are sorry we can no longer provide trash pick-up because we must pay your retired bus driver neighbor, who retired at age 55, their $100,000 per year pension salary as well as full boat healthcare."

DETROIT (AP) — The city of Detroit, which for years paid its bills with borrowed money, is the largest city in U.S. history to file for bankruptcy protection. Here's a look at how the city spiraled into financial ruin and why it's in so much trouble:

WHAT HAPPENED?

For decades, Detroit paid its bills by borrowing money while struggling to provide the most basic of services for its residents. The city, which was about to default on a good chunk of its $14 billion-plus debt, now will get a second chance in a federal bankruptcy court-led restructuring. Detroit's budget deficit this year alone...

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