Once-mighty Motor City files for bankruptcy
DETROIT (AP) – Once the very symbol of American industrial might, Detroit became the biggest U.S. city to file for bankruptcy Thursday, its finances ravaged and its neighborhoods hollowed out by a long, slow decline in population and auto manufacturing. SOURCE
Back in November of 2008 Mitt Romney wrote a piece entitled Let Detroit Go Bankrupt. Mitt was right, he had the business foresight to see it, he knew it was inevitable.
Joe Biden seized on what Mitt Romney said about letting Detroit go bankrupt, well, as much as *Slow Joe* can seize on anything, and he tried to make a big deal out of it in the Vice Presidential debates against Paul Ryan.
I don’t make hollow accusations; here’s the YouTube video.
Of late even some Michigan lawmakers have had the thought that the best thing to do would be to let Detroit go bankrupt. Rick Jones, Michigan Lawmaker, Says State Should Consider ‘Dissolving’ Detroit.
You see, the idea of accepting reality, and doing what you can to change the outcome, is what the grownups in the room do, i.e. Mitt Romney, but ignorant Democrats such as Joe Biden and Barack Hussein Obama don’t have a clue about *business* or how to run one.
The government of the United States is one gigantic business and needs to be run as such, otherwise, the whole thing is going to go down the tubes just like Detroit.
Business publications such as Forbes stated back in 2008 that Detroit was among America’s Fastest-Dying Cities.
Personally, I have had issues with George W. Bush and the *bailout* of the Automakers since that egg was hatched.
Automobile manufactures built Detroit, it was a CAR TOWN, the Motor City, but after years of Democratic rule, massive Democratic corruption and mismanagement, Detroit was fast fading into the sunset.
The automakers, due in a large part to Democratic and Union corruption, as well as stiff competition from foreign automakers, was facing a similar rapid demise.
I’m not a business major but I know enough about business to know this; you don’t go giving $700 or more MILLIONS to a failing industry and expect them to suddenly turn around and become profitable. You have to address the root of the problem and take any and all steps necessary to change the losing habits to become profitable once more.
That applies to ALL business and ALL governments, city, state or local.
Barack Hussein Obama has been playing The President for over 4 years now, sadly, he can’t blame his failures, or this economy on George W. Bush any longer. This baby is ALL his and Obama now has to accept the fact that the United States, under HIS brand of leadership, is rapidly becoming an abject failure.
32 States Now Officially Bankrupt
Courtesy of Economic Policy Journal we now know that the majority of American states are currently insolvent, and that the US Treasury has been conducting a shadow bailout of at least 32 US states. Over 60% of Americans receiving state unemployment benefits are getting these directly from the US government, as 32 states have now borrowed $37.8 billion from Uncle Sam to fund unemployment insurance. The states in most dire condition, are, not unexpectedly, the unholy trifecta of California ($6.9 billion borrowed), Michigan ($3.9 billion), and New York ($3.2 billion). With this form of shadow bailout occurring, one can only wonder how many other shadow programs are currently in operation to fund states under the table with federal money. The full list of America’s 32 insolvent states is below, sorted in order of bankruptedness. SOURCE
It’s all on you Obama, you can sink or swim, but you can’t tax us into a stable economy, you can’t *spend* this nation back into prosperity, all you can do is loosen the reins on American business, let those businesses go about the business OF business, let the old Capitalist Business Concept do what it does best and ensure that it’s done responsibly, and keep your stupid nose out of it.
As sure as you’re reading this, bad decisions by Republicans, and horrendous decisions by Democrats, have taken this nation to the very real possibility of going totally bankrupt.
The only prayer this nation has is renewed faith in God, strong Conservative leadership and leaders in business that truly go about their toils in an honest and responsible manner.