July 22, 2013

Paul Krugman in the New York Times on the bankruptcy of my home town:

There are influential people out there who would like you to believe that Detroit’s demise is fundamentally a tale of fiscal irresponsibility and/or greedy public employees. It isn’t. For the most part, it’s just one of those things that happens now and then in an ever-changing economy.

No policy implications in the decline of what was by some measures America’s most prosperous city in 1960. None at all. It was just one of those things.

It was just one of those things…

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