Citing runaway deficits and long-term debts Detroit could never repay on its own, Gov. Rick Snyder today pulled the trigger and announced he will appoint an emergency financial manager for the state’s largest city. Snyder said he has a top candidate in mind, and that person would be in charge for 18 months.
The decision means Motown will soon have a new boss in charge of restructuring Detroit’s dire financial mess. That restructuring likely will include drastic cuts in public services and a top-down rethinking of the type of government a shrunken city with a dwindling tax base can afford.
In many ways, those questions have been nipping at Detroit for decades, but the issues came to a head over the last 18 months as increasingly dour economic forecasts found a city unable to address fundamental questions about its debt.
“I look at today as a sad day, a day I wish had never happened in the history of Detroit, but also a day of optimism and promise,” Snyder said.
This is, of course, via the Emergency Financial Manager Law we repealed at the ballot box in November, but our wonderful state legislature and governor told the citizens to collectively fuck off and passed a new one, and as a bonus made it so we can't repeal it at the ballot box this time, because technically it's a "spending bill."
As a sidenote, and this is totally unexpected and unintended /sarcasm! Half of the state's African Americans no longer have an elected local government.
EDIT: Oh right, approximate cost to the state so far: $1 billion.
Herbert Hoover got 40% of the vote in 1932. Friendly reminder.