$300 Million Backdoor Bailout for Detroit, Republicans Do Nothing
More money down the Detroit drain.
Even as the nation sits on the edge of a financial crisis driven by the need to incur more debt, the White House has found $300 million to send to mismanaged, financially beleaguered Detroit . . . The money is being taken “from programs that are available for cities across the nation, not just Detroit.”
$300 million? Just a “drop in the bucket.”
Even $300 million will only be a drop in the bucket for a city that is in dire financial trouble.
Its July bankruptcy filing detailed $18 billion in liabilities, and the reorganization calls for slashing $11.5 billion in debt down to $2 billion, likely through deep cuts in pension benefits, retiree health care coverage and payments to bondholders.
More money won’t solve the problem. Michigan Governor Rick Snyder says that Detroit doesn’t know what happens to the money they have:
“Detroit historically had some major problems deploying grants and other resources, and so there could be a fair amount sort of stuck in the pipeline,” said Snyder, who was in Washington on Thursday. “Financial systems, accounting systems for the city of Detroit? They are a disaster.”
The last Republican Mayor left office in Detroit 60 years ago.
So where are the Republican TV ads?
Where are the sixty second spots that show the crumbling buildings and describe the Democratic policies that destroyed this once great American city?
Did the GOP even consider running an ad on Detroit?
Or, did they think it would be too controversial?
There’s a reason the GOP is called the Stupid Party.