Detroit: Too little, too late! EFM likely next step.
10:28 AM, Mar 6, 2013
WXYZ Detroit - Here we go again! Detroit vs. Lansing. Democrats vs. Republicans. Community protests claiming a so-called "hostile takeover" of Detroit. It's all so predictable. And it appears to be too little, too late! The alarm has been sounding for far too long.
Don't blame Governor Rick Snyder and Detroit's Financial Review Team for bringing the hammer down on Michigan's largest city. Like it or not, they are just doing their jobs. They can't sit back and ignore the city's reported $327 million general fund deficit and more than $14 billion in long-term liabilities. The exact figures may be arguable but the majority of signs indicate it's bad. Really bad! The bleeding must stop!
Last ditch efforts aside, Detroit appears to be one step away from receiving an emergency financial manager. When and if that happens, I'm not convinced an EFM team can fix Detroit in 18 months. It's never been tried on a city this size. There's no proven track record. But it's worth a try! The few alternatives available don't have enough muscle in them. Detroit must get on the right financial track quickly. It cannot continue on the road it's on. The financial stability agreement has not restructured Detroit's economic infrastructure fast enough. Sadly, the city appears to have run out of good options. And, even worse, many local leaders seem to be out of touch with the average Detroit resident who is fed up with divisive politics and simply wants to live in a safe neighborhood with good city services.