Congratulations, Detroit. You have now achieved the distinction of being the largest city in our nation to declare bankruptcy.
One basic concept of finance has been ignored: "To everyone who has more will be given; and from him who does not have, even what he has will be taken away from him."
The "haves" can purchase in quantity, greatly reducing the cost per item; but the "have nots" must borrow to buy, adding interest to every purchase, greatly increasing the cost per item.
For decades our country, like Detroit, has ignored our national debt, borrowing freely, which greatly devalues our dollar. Even our credit is on shaky ground.
One congressional example of ignoring debt is the idea of gun registration. Little thought is given to the enormous cost of establishing, equipping and maintaining offices in every city, county and state just to collect and file the registrations, let alone enforcement and control. And this comes at a time when our national debt is beyond imagination.
On the more local level, school unions negotiate contracts with school boards whose main purpose is to simply maintain schools, not personally paying the bills. A better concept would be for the unions to negotiate with the taxpayers, who, by way of referendums, will be stuck with the payments.
If our government does not quickly get control of our indebtedness, we will join Detroit. So cheer up, Detroit -- we're headed your way.
Fred L. Battles