While many individuals, cities, states and some countries, have repeatedly opted to extend and pretend the financial reckoning of too much spending and too little revenue over the past 6 years, Detroit has finally cried uncle. This will be a painful adjustment process and unfortunately it will hit many of those who can afford it the least. But the truth about poor financial management is that it always runs to the same conclusion eventually: that which can’t be paid, will not, regardless of how much people want to believe otherwise. On the upside, the first step to better health is to admit mistakes. Detroit has now done that. The next steps out of crisis after admit are: repent, reform and then finally, recover.
What does bankruptcy mean for Detroit? How bad is the situation in terms of city services? How did Motor City get into this position?
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