Do you want to pay for the complete mismanagement of the Motor City over the past 6 decades? Should your children have to pay for the pensions of Detroit’s city workers which everyone knew for years were completely unsustainable?
Get ready. Chicago is going to pull this along with a bunch of states which have long embraced fairyland pension economics for their government workers if Detroit gets bailed out. (Weren’t they already?) Think California, New York, New Jersey. They are all eyeing whether Detroit is bailed out by the federal taxpayer, and the children of taxpayers, and their children too.
“I basically say he [Obama] is bailing them out over my dead body because we don’t have any money in Washington.”
The White House said it is monitoring the situation in Detroit, but has not made any official moves towards a bailout yet. But Obama’s former auto czar Steven Rattner said on MSNBC on Friday that he is calling on Obama to bail out Detroit. Paul said that “apparently” Obama is “making indications that Detroit can be expected to be bailed out.”