BROKE – After 50 Years of Democratic Rule Detroit Files For Bankruptcy

BROKE AND BUSTED–
detroit

After 50 years of Democratic rule Detroit filed for bankruptcy today.

50 Years of Failure:
From January 1952 to Today

Jerome Cavanagh (D)
Roman Gribbs (D)
Coleman Young (D)
Dennis Archer (D)
Kwame Kilpatrick (D – Crook)
Kenneth Cockrel, Jr. (D)
Dave Bing (D)

Take a bow, Democrats.
USA Today reported:

The city of Detroit filed for Chapter 9 bankruptcy protection in federal court Thursday, laying the groundwork for a historic effort to bail out a city that is sinking under billions of dollars in debt and decades of mismanagement, population flight and loss of tax revenue.

The bankruptcy filing makes Detroit the largest city in U.S. history to do so.

The filing begins a 30- to 90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer. The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities.

Detroit Emergency Manager Kevyn Orr, who in June released a plan to restructure the city’s debt and obligations that would leave many creditors with much less than they are owed, has warned consistently that if negotiations hit an impasse, he would move quickly to seek bankruptcy protection.

Thank you, Democrats.
You own this.

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Jim Hoft is the founder and editor of The Gateway Pundit, one of the top conservative news outlets in America. Jim was awarded the Reed Irvine Accuracy in Media Award in 2013 and is the proud recipient of the Breitbart Award for Excellence in Online Journalism from the Americans for Prosperity Foundation in May 2016. In 2023, The Gateway Pundit received the Most Trusted Print Media Award at the American Liberty Awards.

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Thanks for sharing!