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October 14, 2013

Detroit’s Big Loan

Motor City putters along.

Detroit, Obama’s city, recently filed for bankruptcy. However, the city just secured a $350 million loan, $230 million of which will go to service its pension debt. Lavish public employee benefits are, of course, one of the main reasons the city went bankrupt – the other major reason being that 50 years of Democrat rule drove out the tax-paying population. To secure the loan, the city is relying on pledges of casino and income tax revenue, as well as liquidation of $10 million in assets. The Motor City’s problems aren’t solved, but this will allow it to survive a while longer.

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