Detroit emergency manager: We’re flat broke and can’t borrow any more

Hotair ^ | 05/13/2013 | Ed Morrissey

[SeekAndFind]

Emergency Manager Kevyn Orr says the city of Detroit’s cash-flow crisis makes it “insolvent” and unable to borrow more money to mask over debts being made worse by skipping millions in payments for retiree pensions and health care.

After 45 days on the job, Orr’s initial assessment of Detroit’s perilous finances is laid bare in a 41-page report to be delivered today to state Treasurer Andy Dillon.

[Paladin2]

Cut-off all of the staff positions on the City Council.

[Paladin2]

I think they should reopen the Packard plant and start making Caribbeans.

[scrabblehack]

The Socialist Workers seem to think that if Detroit goes into bankruptcy, that the public employees’ pensions could be sacrificed:

http://www.wsws.org/en/articles/2013/04/10/detr-a10.html

So does the Detroit News:

http://www.detroitnews.com/article/20130405/METRO/304050363

[RHS Jr]

Achtung! You just couldn’t make this stuff up fast enough to beat the Fuhrer; he just went there May 2013 and I quote from CNSNEWS.COM: “Obama said in Michigan that if the federal government does not take more money away from people who have earned it, the public schools may not be able to buy school books.” The Fuhrer has spoken! Whenever the problem is cash, Hussein’s solution is the same: tax, spend, tax, print, tax tax tax and capitalism just fades away leaving a pure socialist paradise.

[RHS Jr]

You’re a genius! I’d buy one of each if they made them: 55Chevy, 57T-bird, 54Corvette, MGB and TR6.

[Paladin2]

I'll sell you my MGB.

(It's (much) less than perfect given that it was marginal when I bought it 37 years ago and I haven't driven it in 35 years).

[Neidermeyer]

“Obama said in Michigan that if the federal government does not take more money away from people who have earned it, the public schools may not be able to buy school books.”

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Here's Detroits school book depository

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http://www.artificialowl.net/2008/09/abandoned-detroit-public-schools-book.html

[taildragger]

they are over $1 billion underfunded

When the initial numbers came out months ago of being 18 billion in the red, I think the total pension liabilities were way North of that....

[dragonblustar]

Bulldoze every square inch.Turn it into a museum displaying the evils of Marxist unions and politicians.

I agree. It kills me to know how many idiots that keep voting democrat after the years of abuse they did to Detroit.

What part of squalor is so attractive that people just love to keep voting for it?

[CSM]

“unable to borrow more money to mask over debts”

Jeesh, when you find yourself in a deep hole, you should stop digging!

[CSM]

From the article: “If all we did was collect taxes and pay our debt, we couldn’t pay it off in 20 years. That’s the situation that we’re in now.”

To wich you posted: “That is the entire country in a couple decades.”

I agree and would like to point out one more thing. If you confiscated ALL of the money in the entire world, that is all money in every currency that currently exists, you would still not be able to pay off the debt of the US.

[RHS Jr]

Looks like they didn’t appreciate the books taxpayers bought them.

[Mr. Lucky]

That is the most beautiful automobile built in America, post war.