Mar 12, 2012 2:23 PM GMT
For decades, Detroit has been the poster child for urban decline in America. Now things have reached an even newer low: The city is projected to run out of money by next month and seems to have no credible plans to make up this shortfall.
Interestingly, despite statements by Michigan Governor Rick Snyder that the state would appoint an emergency manager to run the city in lieu of the elected government, the Wall Street Journal reports that Snyder and Detroit Mayor David Bing have agreed to forgo this process as well, leaving the city in the hands of many of the people who brought it to this point in the first place. The turnaround should begin any minute.
Unemployment in the city of Detroit is estimated at about 20 percent; two thirds of the city’s children live in poverty. The two largest employers in the city: the dysfunctional public school system and the crippled city government. Decades of incompetence and corruption by elected officials in tandem with the decline of the once flourishing American automobile industry and (entirely understandable) flight by the better educated and the better off have thoroughly blighted what was once one of America’s most flourishing cities.