A very good read of what happened to Detroit. Also a portend of what will happen to other cities.
A great article.
"Detroit's unraveling can't be blamed solely on the city's reliance on one industry that itself buckled. Some point to the city's political leadership and its reluctance over the years to make tough decisions.
"I think it (the fiscal disaster) was inevitable because the politicians in Detroit were always knocking the can forward, not confronting the issues, buying off public employees by increasing their pensions," said Daniel Okrent, a Detroit native who wrote a Time magazine cover story on the city in 2009. "They were always kind of confronting the impending crisis by trying to make it the next guy's crisis."
Basically the politicians and public employees lived high on the hog off taxpayers, gouged every dollar they could and promised money that did not exist, and put off any fixes that needed to be done year after year after year.