Monday, February 24, 2014

And old story from last year: how Detroit went broke?

Chart from the Detroit Free Press
I wish I hadn't missed this. This was published by the Detroit Free Press last year to outline everything that placed Detroit into it's ultimately status as the largest municipal bankruptcy. Interestingly enough it was noted that former Mayor Coleman Young was fiscally conservative and worked with major corporations and was more than willing to make necessary cuts to keep the city solvent.

At one point Detroit was doing better, but then in the 21st century Detroit's finances went into the red again. Then there were issues of terrible financial management by earlier mayors and then later ones. In addition what to do about city pensions.

It's an interesting read and surely the emergency financial manager of Detroit is coming up with a plan for all of Detroit's issues.

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