Detroit, Phoenix, Philadelphia, Atlanta, and Chicago are asking for federal money. The reason they need federal money, instead of Fargo, Des Moines, Bangor, Boise, and La Crosse, is that they have a larger percentage of low-IQ minorities. Low-IQ minorities are more reliant on government services and have lower incomes, paying less into the City coffers.
General Motors offered generous and unsustainable benefits to productive people but finally the IOUs are coming due. One thing that doesn’t lie is money. The flawed assumption that GM has been living is becoming apparent in monthly profit-loss statements.
The flawed assumptions that some cities have been living is coming to light in their budgets, despite all of the inflated credit ratings and borrowing. The flawed assumptions that the federal government is living will take longer to come to light because they can print money.
But, in the end, the last man standing is truth. Truth is a very powerful thing.