After decades of Democrat mismanagement and corruption … Detroit files bankruptcy. After filing for Chapter 9 bankruptcy protection, Michigan’s takeover of Detroit is the largest state takeover of a municipality in over two decades, and if successful, Detroit would avoid the biggest municipal bankruptcy ever. However, this is what happens when you promote 50 years of “blue” state Democrat, welfare state politics of high taxes, and lavish benefits packages for public and union workers. This crash was set in motion years ago, it was only a matter of time before it reached its final conclusion.
WAKE UP AMERICA … Let Detroit, Michigan serve as an example, is this what you want for the United States?
Detroit— The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday, culminating a decades-long slide that transformed the nation’s iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems.
Gov. Rick Snyder justified approving the historic filing by reciting a litany of the city’s ills, including more than $18 billion in debt, maxed-out tax rates, the highest murder rate in 40 years, 78,000 abandoned buildings and a half-century of residential flight. He said the city failed to provide basic services to residents or pay creditors.
The Gateway Pundit has a list of the failed Democrat Mayors for the past 50 years. Detroit has not had a Republican Mayor since 1961. Sorry Dems, you own Detroit and the catastrophic events that have building to this point where they have no alternative but to file bankruptcy.
The city of Detroit filed for Chapter 9 bankruptcy protection in federal court Thursday, laying the groundwork for a historic effort to bail out a city that is sinking under billions of dollars in debt and decades of mismanagement, population flight and loss of tax revenue.
The bankruptcy filing makes Detroit the largest city in U.S. history to do so.
The filing begins a 30- to 90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer. The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities.