All Michigan Residents Are Being Hit Up for Detroit’s Financial Failure

Detroit had many good years. People found jobs there and wanted to locate there rather than anywhere else in Michigan. Now that is no longer the case. But there was a time when many locations in Michigan could not attract businesses to their areas because they could not offer all that Detroit had to offer.

So now these places that lost business to Detroit are going to be forced to help out Detroit.

From the Detroit Free Press: “Gov. Rick Snyder ‘looking forward’ to bill signing Friday to aid Detroit bankruptcy.”

Well, sure, he’s looking forward to it. It won’t be his money.

Gov. Rick Snyder will travel to the Globe building in Detroit on Friday to sign a package of bills that will send $194.5 million to Detroit to help the city emerge from bankruptcy.

The building serves as a powerful symbol, Snyder said today, because it, too, has transformed.

“The Globe building is a great representation of the comeback of Detroit. It’s a 100-year-old-plus building that was essentially vacant in the last 20 years,” Snyder said. “It was one of the key industrial buildings in Detroit for decades. It’s been vacant and now it’s coming back, and that’s the same kind of message for the city.”

The message, it seems to me, is that, we have a lot of victims in the state we can plunder in order to make life better for ourselves.

The city of Detroit is proud to be a giant vampire.

Snyder will sign the legislation, which sends money to Detroit and attaches strings to the funding. A nine-member commission will oversee the city’s finances, budgets and contracts for at least 13 years and set the level of contributions made to city employees’ retirement and health care plans.

The state’s proposed onetime contribution would be combined with $370 million pledged from charitable foundations and $100 million from the Detroit Institute of Arts.

Snyder said he continues to encourage retirees to vote in favor of yes on the city’s plan of adjustment “because it’s in their best interest, along with the city and state. So far, the voting is working in a positive fashion.”

Pensioners have until July 11 to vote on the package. The so-called grand bargain of money from the state, DIA and foundations goes away if pensioners vote against the plan of adjustment.

This indicates the pensioners may actually decide that this “rescue” is a rip-off. I don’t know how to judge that. What I do know is that every city government in the U.S. is watching Detroit and learning if it can get away with getting a bailout from the taxpayers.