Forum Post: Another city bites the financial dust ....Detroit !
Posted 11 years ago on July 18, 2013, 7:10 p.m. EST by bidask
(3)
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Where does the fault lie?
Bad management?
Bad labor contracts?
Bad politics?
Sucker lenders?
http://www.nytimes.com/2013/07/19/us/detroit-files-for-bankruptcy.html?pagewanted=all&_r=0
You cannot pay people money you do not have.
Leaders of public sector unions and municipal retirees around the nation will be focused on whether Detroit is permitted to slash pension benefits, despite a provision in the State Constitution that union leaders say bars such cuts.
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You cannot pay people when all the jobs are shipped out either.
Funny your post doesnt mention offshoring.
“I wasn’t going to let Detroit go bankrupt. Or Toledo go bankrupt. Or Lordstown go bankrupt. I bet on American workers,”
Funny how things change after an election.