Detroit has been cleared to go bankrupt, and unions are crying a river because their pensions are going bye bye as a result. Detroit is the model of progressive liberalism.
| Obama refuses to let Detroit go bankrupt |
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It took about five months of political, legal, and financial finagling, but a bankruptcy judge has ruled that Detroit is now finally, officially eligible for bankruptcy protection in what is now the largest municipal bankruptcy in U.S. history after the decades on decades of profligate and purely progressive leadership steadily ground Detroit down from its postwar status as America’s fourth-largest city.
From the beginning, the overwhelming sticking point of the bankruptcy filing was whether or not the city’s managers negotiated “in good faith” with the relevant unions and pensioners, usually a prerequisite for bankruptcy eligibility and one which the unions vehemently argued that the city categorically did not meet. The judge ruled that the city may have left something to be desired on that front, but that it’s also kind of impossible to negotiate with a “stone wall” and that the city’s extremely dire financial woes were the trump card here.