August 17, 2014

Grand Bargain sucks

"It has attacked blight in creative ways and, through its bankruptcy case, taken strides to mend its broken municipal budget." Reimagining Detroit: 5 policy questions that should be resolved in short order, Detroit Free Press, August 17, 2014

Great, the budget will be balanced after bankruptcy but will the living conditions and standard of living significantly rise? I do not see much of a plan for the future. Whether property taxes are cut or not any revenue lost will need to be made up. Detroit has a unique opportunity that no other troubled city in the United States has. It has between $4.8 and $15 billion dollars in assets in reserve that should be used to bring the city back to health. Those assets are stored at the DIA in the form of art and should be used to restore prosperity to the city and its citizens.
The state of Michigan had a say in what to do with these assets. So did Kevyn Orr and his former employer
Jones Day. The citizens of Detroit had no say. My guess is if a poll was taken of the arts owners, the city's residents, they would overwhelmingly want the city to use these assets to improve the future of the city and their children.

Instead, under the Grand Bargain maybe as much as $15 billion is being given away to forgive $800 million in debt. There is something immoral with this. Instead of Orr and Jones Day focusing on getting out of bankruptcy they should be interested in building the city's future. Ask the citizens if you don't believe me. This is the biggest scam since the first white settlers in North America took ownership of the continent by trading tobacco with the Native Americans.

No comments:

Post a Comment