Panel finds Detroit in dire shape; up to governor to act

[Valin]

Reuters:

 

Steve Neavling

Feb 19, 2013

 

(Reuters) - An expert panel concluded on Tuesday that Detroit faces a fiscal emergency in a city plagued by "operational dysfunction," leaving Governor Rick Snyder with a controversial decision of whether to declare a financial takeover by the state.

 

(Snip)

 

The review team appointed by Snyder said Detroit, which has been hemorrhaging cash amid a declining population and a decimated economy, has not made the financial decisions that will put the city on a path to recovery.

 

(Snip)

 

With the exodus of residents and jobs as the auto industry contracted, the city has suffered from declining tax revenue and rising crime while saddled with the infrastructure and labor costs of a bygone era.

 

(Snip)

 

 

 

H/T Hot Air

[quantim]

Detroit will be taken over by the State of Michigan by fall.

 

Our GOP state legislature, senate, governor re-wrote our Emergency Manager law.

 

It has real teeth.

[clearvision]

That's nice. But what will Michigan do with Detroit?

[Pepper]

@Valin

 

"An expert panel concluded on Tuesday that Detroit faces a fiscal emergency"

 

This is a shocker

[Valin]

@Valin

 

"An expert panel concluded on Tuesday that Detroit faces a fiscal emergency"

 

This is a shocker

 

Hey buddy! You better take this seriously. We're talking a Panel of Experts! And may I add it is not just any old panel, but a fully certified & licensed panel.