Comment by rayiner

I think this bankruptcy is an exciting thing for Detroit. The purpose of bankruptcy is a reboot and if anyone needs a reboot it's Detroit. Of course, Detroit isn't the only city going through or considering bankruptcy. Unlike most people, I view the nationwide phenomenon of municipal bankruptcies positively. Years of unsustainable policies have left the big cities of the U.S. in a financial state where they can no longer effectively provide services. In 2013, 40%+ of Detroit's revenues went to bond payments, pension benefits, and health benefits to retirees. This is money taken away from providing services to current residents of the city. Bankruptcy will mean bond money will no longer be so easily forthcoming, but that's a good thing. Cities will be forced to grow within their means, and that pressure will force more prudent fiscal policy going forward.