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Updated: August 24, 2013 6:17AM
Bankruptcy Democrats’ legacy
This is the inevitable result when Democrats stay in control for too long. Detroit, the Motor City, once a symbol of America’s manufacturing power, is now bankrupt.
The beginning of the end started in the seventies with a bloated auto industry’s failure to quickly respond to foreign competition. The decades that followed were rife with political corruption, high taxes and unfunded city pensions.
The tax base declined with continued business closings, high crime and the flight of productive citizens.
The ruling political class refused to stop the bleeding by doing what was necessary to cut a burgeoning debt that now stands at $19 billion.
The politicians in charge did what most Democrats do when faced with their own fiscal irresponsibility. They kicked the can down the road until they kicked it off a cliff.
The good citizens of Chicago better take heed. They are seeing their future and it is Detroit.