Weekend Reading: WSJ’s Saving Detroit from Itself
Posted by Larry Doyle on July 27, 2013 5:58 AM |
The Wall Street Journal writes today that there should be no federal bailout of Detroit.
The AFL-CIO and its friends are mourning Detroit as a victim of capitalism, claiming the government has a moral obligation to rescue the bankrupt city. This is a nice political fable, but the hard truth is that Motown is a victim of its own political vices and a bailout would merely forestall the necessary rehab.
For lots of informative details adding up to a whole lot of sense on cents: