Detroit is broke……again

In October of 2012, President Barack Obama triumphantly declared he “refused to throw in the towel” and “let Detroit go bankrupt.”

In July 2013, Detroit went bankrupt. Fast forward to today…..Detroit is broke again. Here is more from CBSnews.com:

Detroit has been breaking down, bit by bit, before our eyes. On Monday, most of its students could not go to school and on Tuesday the taps will go dry for thousands.

As always, money is the issue. There’s not nearly enough to go around.

Thousands of Detroit teachers walked off their jobs Monday in a wage dispute, forcing 94 out of 97 city schools to close and leaving more than 47,000 students out of class.

“We’re being told our school system is basically broke,” said Ivy Bailey, the interim teachers union president.

It has stayed afloat by asking for short-term loans from the state, which it now owes $3.5 billion.

Michigan state legislators are debating the merits of a bail-out package that could tide the teachers over, but right now the money isn’t there.

Detroit public school system has seen a decline of 70,000 students.

 

 

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