More Detroits Are on the Way

From the Wall Street Journal online:

The consequences of our state and municipal fiscal crises are plain: We are drastically underinvesting in physical infrastructure—roads, bridges, ports, etc.—the necessary underpinning of future growth.

Just as important, we are also underinvesting in human infrastructure, most notably our children's ability to compete...

Permitting states and municipalities to continue these practices will result—indeed, has already begun to result—in harmful service cuts and a failure to fund promises made to creditors, public employees and the beneficiaries of essential public services, including elderly people without minimal levels of financial support.

What this means is we can expect to see more Detroits.

Last July the Motor City filed the country's largest municipal bankruptcy after racking up $18 billion in promises it could no longer afford to keep...
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Link: http://online.wsj.com/news/articles/SB10001424052702304101504579546263639995456?