BROKE AND BUSTED–
After 50 years of Democratic rule Detroit filed for bankruptcy today.
50 Years of Failure:
From January 1952 to Today—
Jerome Cavanagh (D)
Roman Gribbs (D)
Coleman Young (D)
Dennis Archer (D)
Kwame Kilpatrick (D – Crook)
Kenneth Cockrel, Jr. (D)
Dave Bing (D)
Take a bow, Democrats.
USA Today reported:
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.
Detroit Emergency Manager Kevyn Orr, who in June released a plan to restructure the city’s debt and obligations that would leave many creditors with much less than they are owed, has warned consistently that if negotiations hit an impasse, he would move quickly to seek bankruptcy protection.
Thank you, Democrats.
You own this.
