This is a preview of subscriber content
To continue reading, get online access now.
There’s a very old country song titled “It’s time to pay the fiddler, and today the first installment is due.” So it is with the City of Detroit. With overwhelming financial obligations, bankruptcy is the only real option available, it seems. What brought this once major city down? Detroit’s history reflects years of fiscal mismanagement. Those responsible during the past decades made now fatal financial decisions.