So a major US city files for bankruptcy and everyone seems to be washing their hands of the problem. Once a city of 1.5 million now declined to around 700,000 with massive poverty levels, broken infrastructure, yet showing some positive signs of renovation. Yet an Emergency manager was appointed and now we have a city filing for Chapter 9 bankruptcy. A constitutional requirement is also being conveniently ignored
§ 24 Public pension plans and retirement systems, obligation.Now if Detroit was a bank we would be rushing to create save Wall St legislation and finding funds from thin air to do so; then again Detroit involves poor people.
The accrued financial benefits of each pension plan and retirement system of the state and its political subdivisions shall be a contractual obligation thereof which shall not be diminished or impaired thereby.
Financial benefits arising on account of service rendered in each fiscal year shall be funded during that year and such funding shall not be used for financing unfunded accrued liabilities.
History: Const. 1963, Art. IX, § 24, Eff. Jan. 1, 1964
Many of us have argued for a massive investment program in our infrastructure to turn around the great recession and consign austerity to the trash can of history.
How about using Detroit as a starting point?
First of all ensure peoples pensions and jobs.
How about knocking down the tens of thousands of abandoned buildings.
How about creating parks and affordable housing from the rubble thereby creating thousands of jobs and making the city a desirable place to live?
How about ensuring Detroit's emergency services work to an accepted national standard and that the police/ambulance/fire truck actually turn up in time?
Rather than declaring a bankruptcy to slash pensions and services making Detroit an even less popular place to live how about declaring it:
An Economic disaster area similar to the after effects of a major weather emergency.
Hell, when rich folks jobs were threatened we came up with $700 billion for TARP
How about creating a $2 trillion for an infrastructure repair and management fund for the US. This is what the cost has been estimated to be for this basic maintenance.
How about declaring Detroit ground zero for this investment? You know, like was done for the automobile industry.
The increase in jobs and tax revenue would make bankruptcy filing pointless.
The city would become a place where people would actually like to move to once again increasing revenue and jobs.
Detroit could once again be run by its elected government, you know, that democracy thing.
Oh, what the hell
That's socialism, well actually to my mind it makes economic sense rather than a slash and burn mentality it is a building one.
You just gotta have austerity and bankruptcies it's the only way after all.
Meanwhile the infrastructure crumbles.
Meanwhile the economic divide widens.
We cannot think outside of the box, no matter what the benefits we have a party [and part of our party] dedicated to obstruction and the enrichment of a small percentage of the population.
Thinking big was once upon a time an American characteristic [ or so we would like to believe]
Now its small and petty, fueled by greed and jealousy and hijacked by an elite.
We came up with a Marshall Plan for war torn Europe even after the vast human and economic costs of World War II because it made economic sense to do so, how about we do something as far sighted once again?
We have tried austerity, sequestration and non government and for the 99% this is just not working.
Be bold, be brave and leverage the American Dream by doing something we can all profit from.
A Rebuild America Plan and let's kick it off in Detroit.
Tsk Tsk silly me
More Congressional dysfunction.
Less Gubbmint = Less socialism!
The Banks are necessary for the economic fabric cities are full of people who don't like Republicans, you know, minorities. Now go away because we are trying to make it harder for them to vote as it is.