Great video:
http://www.foxnews.com/politics/2013/07/21/detroit-emergency-manager-defends-bankruptcy-says-city-dug-this-hole/
Kevyn Orr is just plain tough and smart. He's willing to slog out a problem most cities won't face...bankruptcy...over $19 billion in debts...almost $10 billion due to city workers/retirees. This problem will be hitting many cities going forward...Detroit was just a little weaker and further along the curve. What happens in Detroit...and it's being already fought out in court to set precedent when dealing with promised pensions and union contracts (which are every year less affordable) ...will impact numerous cities in the years to come.
We over-promised and didn't build the revenue base to support the promised spending.
As per Mr. Orr: "Delay doesn't produce positive outcomes"
Despite the pressure and the difficulty of his job, Kevyn Orr is toughing it out and trying to save Detroit. I so admire him! So he's my favorite person/thing of the day. And, Mr. Orr, if you're ever in Los Angeles, dinner is on me.
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