Detroit Sinks to New Low

[Valin]

Via Meadia:

 

5/13/13

 

We all knew Detroit had it bad, but we had no idea it was this bad.

 

Today DC bankruptcy lawyer Kevyn Orr, appointed by the state as Detroit’s emergency manager, issued a report to the state treasurer detailing the city’s growing costs and dwindling revenue totaling more than $15 billion in debts and long-term liabilities. Bloomberg reports:

 

(Snip)

 

Every year the pundits and experts predict that Detroit has finally hit rock bottom; every year the Motor City does something to prove them wrong. In addition to unsustainable finances, the city government is a sinkhole of corruption and incompetence. It’s almost as if a gang of criminals, operating under the colors of an indifferent national political party, have been running the city for decades.

 

(Snip)