After being mismanaged and looted for years almost beyond counting by a series of Democrat administrations...(Reuters) - Detroit is in "extremely serious financial condition"
...financially gutted, y'might say...
as it is projected to run out of cash next year and must take action to avoid a state takeover, Mayor Dave Bing said on Thursday.
That action, to whit, being to get more money to piss away, preferably from taxpayers, but they'll settle for getting it from the feds...
Michigan's largest city is facing a projected cash shortage of about $150 million by the end of March, a statement from his office said.
Looting Grosse Pointe remains an option, of course...
To avoid having a state-appointed emergency financial manager,
... which could possibly put a damper on the local kleptocrats' operations...
the city needs to address pension and health-care costs and "inefficient services" such as transportation and lighting, while labor union contracts need to be renegotiated before their expiration next June, the statement said.
And we know how well that's gonna work...
"City government has to live within its means," Bing said in the statement. "Continuing to do business the same way is not an option, given our extremely serious financial condition.
...even though the pressure will continue to be to continue doing business precisely the same way. This is November. He delivered a plan to eliminate the city's deficit the end of April. That's seven months and they're still urinating into the wind...
The last thing I want is for Detroit to be run by an emergency financial manager, whether it's me or someone else."
"That might endanger many of our relatives' jobs! Perhaps even some of our own jobs!"
The state said it is not contemplating appointing an emergency manager for Detroit right now.
"The choice is now beyond sink or swim. They've sunk. Nothin' we can do to help them."
Terry Stanton, a spokesman for the Michigan Treasurer's Office, said there has been "no predetermination on Detroit's financial status or next steps."
"Board up the whole city, turn the lights out, and leave. Best thing for it."
"The first and foremost goal is avoid the need for emergency managers in any Michigan community, including Detroit," Stanton said.
Notice that the first and foremost goal isn't to introduce some sort of fiscal sanity.
"There is a clear process that would be followed
"It involves revolvers and a fifths of bourbon..."
and at this point, it's inappropriate to speculate on what may happen in the future."
"Gone, bebby! That gurgling sound is Detroit going down the national toilet!"