Saturday, June 15

Detroit defaults: "We're tapped out," creditors will get 10 cents on the dollar; community "blight fight" groups will get $500 million . . .

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.

Despite admitting that “We’re tapped out,” the newly appointed "Emergency Manager" wants to "invest" $500 million to fight "blight." 

Presumably this will insure continuing graft payments to the Democrats and community organizers responsible for the decades-long collapse of the once thriving city.

1 comment:

The Conservative Wife said...

Guess they ran out of tax payers to steal from to cover the societal leeches. Wish people would look more closely at Democratic ran cities. They are usually full of crime and are going to ruin fast. Detroit is just one in a long line of those cities in America that are going to hell in a hand basket. And of course the money will go to the ones who destroyed it. They must be paid for their "handywork".

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