Posted by taxguru on July 23, 2013
From Jay Leno:
Detroit has become the largest city in U.S. history to file for bankruptcy. What happened was Detroit’s population dropped something like 70 percent, but the government got bigger. The tax base got smaller, but the government got bigger. Thank God that kind of thing could never happen in Washington.
Detroit filed for bankruptcy Friday listing eighteen billion dollars in municipal debt and pensions it can’t pay. The declining business revenues can’t support government services. President Obama just told reporters that if he had a city it would look like Detroit.
Barack Obama said Friday he himself might have wound up like Trayvon Martin. Not likely. Any black kid who was destined to double the Dow Jones, save banks and double oil profits would be greeted in any gated community with gold, frankincense and myrrh.
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