“Detroit and other big cities will crash first.
Then states like California and New York.
But it is all going to fall. Math has no mercy.”
Very perceptive. You just can’t “unspend” money. Cities can’t print money like FedGov. States can’t print money like FedGov. FedGov is bankrupt, just like Detroit, only much, much, much worse. It is a house of cards. Using printed money to buy your own debt is like looking for a gas leak with a match. It never has a good ending.
wow, talk about someone screwing the city out of money....wonder who gets that money.....
It costs Detroit $62 in admin costs for every paycheck if cuts. That’s 3.5x the average for govt, 4x the avg employer.