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Report: Yeah, Detroit Might Be Forced To Declare Bankruptcy

true liberal Wrote: Feb 20, 2013 7:35 AM
It is the typical cycle that you would expect from Progressives. Go in when the economy is booming and blame the ills on the hardworking and productive that creates the wealth. Convince everyone that the productive are greedy and do not deserve what they have earned. Raise taxes to cure the greedy and distribute the money to all of your friends, cronies and those that will kickback millions. The productive escape the city and the taxes and thus the parasite has embedded itself and sucks the host dry. All that is left is the shell of a once great city.

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...