Detroit, once America’s crone jewel of technology and enterprise, and then the liberals came … Like every other foundation or thing that was good about America, and then the liberals came … to infest the place like rats. Now the Detroit “ship” is taking water so fast, even Obama can see … But would rather avert his eyes and NOT see…
Detroit could run out of cash in a week if a lawsuit challenging an agreement with the state to fix the city‘s finances isn’t dropped, the city’s new chief financial officer said Friday, raising concerns of a full-fledged takeover by the state.
“If our city runs out of money, there is no bigger crisis that we would have in our city,” Detroit Mayor Dave Bing said Friday morning, adding that his frustration level is “off the charts,” according to the Detroit Free Press.
Finance chief Jack Martin offered his assessment a day after the state treasurer’s office told city officials Detroit is at risk of losing $80 million in revenue sharing because of the lawsuit. He said the city will be broke by June 15. He said the city should be able to make payroll for employees, but it will be operating under a deficit.
Bing, who wants the lawsuit withdrawn, told reporters Friday that the agreement with the state could be violated if the city runs out of money.
America’s frustration level with our Ostrich Economics professor is equally off the charts, and gonna blow. Five trillion in new debt can have that effect on you, no matter how dense you are.