CNN via Doubleyouemyouare
Detroit filed for bankruptcy Thursday afternoon, becoming the nation’s largest public sector bankruptcy. The move could slash pension benefits to city workers and retirees, and leave investors holding the city’s debt with only pennies on the dollar.
In the end, all that support public union support for unsustainable government is for naught. It’s a Ponzi scheme. It’s the airplane game. The goal is to load up your “plane,” get your payoff, and get out before it all collapses. Is it the natural evolution of the progressive process, by which a multigenerational “family” of transient Democrat ideologues, creates a one-party fiefdom and exchanges favors to unions for winning elections, while making promises with other people’s money out to two or three generations of taxpayers not yet born.
In the end, neither politicians nor union leaders suffer, only the union workers who bought the hype, their families, pensioners, retirees who lived long enough to see the lie exposed, the taxpayers who suffered the abuse of union and Democrat Party intimidation every time they dare suggest it was all unsustainable, business owners who could not jump ship for greener pastures, and investors who–who in their left mind would invest in Detroit? I have no sympathy for them, sorry.
The Democrat party has proven time and again that it is incapable of leadership because it refuses to believe the obvious. You will run out of other people’s money, and when you do misery will follow–not the kind you demagogue to win elections by frightening people away from self-reliance and free markets–real misery.
Bankruptcy, by the way, is a perfectly legitimate way to reorganize a fiscal unuit when things have gotten way out of hand. Detroit could be better for it in the long run, despite the short term misery. But after the debts are settled and the ledger cleared, will the people in Detroit just crank the clunker back up and let it run unil it dies again, creating more misery and all the broken promises, or will they realize that the root of the evil that plagues them is one party rule and union power?
