Another View -- Charles Lane: Detroit's Greek tragedy
It's true. Greece has much more public debt than does the United States, relative to economic output. Unlike Greece's euro-denominated obligations, U.S. debt is in U.S. dollars. The U.S. economy is far more competitive than Greece's tourism-and-tomatoes operation.
Couched in the workmanlike prose of a bankruptcy lawyer - which is what Orr is - the document nevertheless tells a harrowing story of institutional rot and social collapse, brought on by decades of government of, by and for special-interest groups.
Small wonder that, per the report, the effectiveness of Detroit's police force is "extremely low" and the city's rate of violent crime is five times the national average; or that the average fire station is 80 years old; or that the number of city parks has dwindled from 317 to 107 in the past half-decade.
All of the above contributed to the depopulation of the city, which went from 1.9 million residents in 1950 to 700,000 now - a minority of whom earns enough to pay taxes.
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Market Basket walkout a future case study
UPDATED: Thousands of Market Basket employees rally; company board issues statement on purchase offer, reaffirms support for new CEOs
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