The fair City of Detroit files for Bankruptcy yesterday under Chapter 9 protection. This was a long time coming as the Motor City is some $18.5 Billion dollars in debt. With about 100,000 creditors and bond holders, most will be lucky to get a third of a penny for each dollar they put up. That′s how bad it is! Throw in retirees and pensioners and there seems little hope that anyone will have a good day. Detroit becomes the largest U.S. city to file for bankruptcy. The city′s downfall is the end result of decades of Liberal-Progressive-Socialism coming from numerous, corrupt Democrat administrations. It′s a shame that this comes during Mayor Dave Bing′s watch as he actually did try to reorganize the city and cut costs. But labor unions and other forces defeated his efforts.

Detroit Bankruptcy

Hard to image that Detroit once rivaled New York City as the nation′s financial center. The Motor City peaked in the 1950s with a population of nearly 2 million. By 2000, less than a million were left and now Detroit has about 700,000 residents. Even fewer are jobs. The only businesses which appear to be flourishing are nail salons, mostly due to them selling crack or running numbers out of their back rooms. Whole sections of the city are uninhabited. Much of the city is uninhabitable. Crime, filth and decay are everywhere.

Why should you care that the City of Detroit files for bankruptcy? During the 2008 elections, I wrote often on another blog on how Barack Hussien Obama would turn America into Detroit. The downfall of Detroit took decades as they ran budget deficits only around 10% each fiscal year. Obama has doubled the National Debt in less than five years running annual deficits in the 40-plus percent range. It is only a matter of time before the National Debt becomes as unmanageable as Detroit′s debt of $18.5 Billion dollars. The Democrats have turned Detroit into a wasteland. Now, they and Obama are doing the same to America.