BgKnight wrote:Guten Tag Herr Maddox, it has been a while. Happy to see you here, I have to note, you were the first person I though about when I heard that Detroit declared bankruptcy, I don't know if that is a good or a bad thing.
The bankruptcy proceedings in Detroit have turned out to be a very complex issue, something I hope to discuss in the US Politics thread. Pending a federal intervention (very unlikely at this point), I think bankruptcy is the only real option open to the city government. The important thing is that the city maintains social services throughout the process, and that workers who were promised pension payments receive them (this is actually protected in the Michigan Constitution, specifically Article IX, Sec. 24). Otherwise, it gives us the chance to get out from under a debt we have no ability to pay, and starts the process of contracting the size of the city and improving the infrastructure of the city itself. There is already tremendous private sector support for this process of urban renewal, and the major hurdle is the city's debt.
tl:dr the bankruptcy is needed, but I don't know if I'd start to call it a good thing just yet.