Detroit & Pontiac Among 9 Cities Going Broke
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The cities on this list have a number of things in common:
- Despite declining revenues and unchecked spending they kept on borrowing to fund operations.
- Corruption
3. Borrowing heavily to subsidize projects that never met expectations.
- Camden, NJ sent 3 of the last 5 mayors to prison for corruption
- Jefferson County, AL sent numerous officials to prison for corruption
- Detroit Kwame, Bobby, Dedan, Monica, Sam and the list goes on
- Stafford County, NH spent 40% of its operating budget to finance a nursing home
- Salam, NJ guaranteed bond to finance a downtown office building
- Pontiac, MI lost on its bet with the Silverdome – sold for $583,000 in 2009
- Harrison, NJ funded $39 million toward the cost of the $200 million Red Bull Stadium
And now we have Allen Park picking up the tab on the failed Unity Studios and the Oakland County EDC bond that was guaranteed by the Michigan State Employees Pension Fund paying the debt service for the Raleigh Studios in Pontiac.
When will the voters ever learn?
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