A new report is telling us Detroit is goin' down, to bankruptcy that is. No surprise here with the worst unemployment rate in the nation.
Mayor Dave Bing and the City Council must reduce the size of government and slash the city's budget deficit to stave off bankruptcy or state receivership, according to a report released Monday.
Without draconian cuts and changes aimed at downsizing government, the city could end up with a "possible" general fund deficit between $446 million and $466 million to its $1.6 billion budget.
You have to wonder if Detroit is just the first city to experience this.
One measure of how tough times are in the Motor City: Some of the offenders in jail don’t want to be released; some who do get out promptly re-offend to head back where there’s heat, health care and three meals a day.
In case anyone missed the news, Saturn was sold to the Penske Auto Group. For the uninitiated, Penske's an automotive conglomerate to put it mildly. Basically if it's got wheels or has something to do with transportation, chances are this group has a piece of the action. The company is the second largest automotive car dealer in the country. They also have their own u-haul truck business. And yes, they do racecars.
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