The latest plan to save Detroit amounts to a default on unsecured debt payments while continuing spending as usual with creditors being asked to settle for about 10 cents on each dollar owed. Oh, and $500 million will be spent to fight "blight," or something.
Despite its insolvency, Detroit continues to spend more money than it takes in as revenue. The city’s current budget deficit could top $380 million and the city’s long-term debt approaches $20 billion.
Presumably this will insure continuing graft payments to the Democrats and community organizers responsible for the decades-long collapse of the once thriving city.