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Coming soon to a blue state near you! Detroit announces that it will default on its debt today.
The City currently faces approximately $17 billion in total liabilities. Detroit is insolvent and cannot meet its financial obligations without a significant restructuring.
It is important to note that Detroit has been run exclusively by Democrats for about a half century. Thus, this bankruptcy is an entirely partisan event, supported by voters who blindly insisted on one-party rule, and never questioned the incompetence or corruption of that Democratic Party.
And please, don’t argue with me by mentioning examples where Republicans screwed up. They have their own lock on stupidity, corruption, and failure. The point here, however, is to recognize that the failure in Detroit, as well as all of the recent other cities that have gone bankrupt, is because of decades of liberal Democratic rule, where money got funneled to unionized city employees at the expense of the taxpayers, with no regard to cost or affordability.
And if you doubt me, read this history of Detroit’s last fifty years.