Detroit is bankrupt.
The hundreds of millions, the billions of dollars pumped into the city from welfare, to fat union salaries, to auto manufacturer "bailouts", from food stamps to subsidized housing-nothing can save this city from itself.
Read this whole article. It contains very little hard news about the city-this is all stuff we have heard before.
Apparently, nobody in the city really understood that actually-you can run out of money. It does happen.
But this part of the article struck me as a perfect example of the feckless, Nero mentality of the American left. It has a lede that neatly summarizes the complete state of denial and the complete obtuseness of the governing elites of America.
"At the Detroit Auto Show earlier this month, luxury was in the air.
Pricey new Bentleys and Maseratis glittered - including a Maserati 2014
Quattroporte with a $132,000 price tag; U.S. Cabinet Secretaries and
dignitaries rubbed shoulders; and many of the well-heeled attendees
ponied up for a $300-a-ticket black-tie charity ball."
"But in a city that is slowly dying, the glitz didn't extend much beyond the Cobo Center exhibition hall."