Despite surges in revenue and a catalog of new vehicles from the U.S. auto industry, taxpayers are still suffering from the auto bailouts.
Detroit was once America’s most prosperous city, but now is an urban wasteland. A former Detroit business owner tells his story and explains how the city's economy was killed with bad policy. And, he warns, there are more Detroits yet to come.
Detroit, Michigan’s bankruptcy filing is causing fear that other major U.S. cities face a similar fate as they too are dealing with burdensome underfunded liabilities like retiree benefits.
There will be no winners once Detroit enters bankruptcy. Those who were promised health and retirement benefits are going to be faced with stark painful reality. Bondholders are going to take a massive haircut. Those residents still living there will have to tighten their belts still further.