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VodkaPundit

Oh Fer Cryin’ Out Loud

July 22nd, 2013 - 6:52 am

Paul Krugman: Detroit “an innocent victim of market forces.”

Never mind the ’67 riots, the failed schools, the corrupt police, the billions wasted on sinkhole vanity projects, and all the other things that drove people out of what was once the nation’s fourth-largest city. It’s just capitalism, baby.

Undoubtedly the city should have spent more money.

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All Comments   (5)
All Comments   (5)
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Soooo... somehow, despite conservatives having exactly zero political power in Detroit in decades, they are somehow still responsible?

Sheer, unmitigated gall.

What's next, capitalism is the cause of north Korea's poverty?
1 year ago
1 year ago Link To Comment
If they'd spent more of he money on actual city-type expenditures and less on social program and union pensions, who knows?
1 year ago
1 year ago Link To Comment
Why macroeconomic experts should not give advice to governments:

"Are Detroit’s woes the leading edge of a national public pensions crisis? No. State and local pensions are indeed underfunded, with experts at Boston College putting the total shortfall at $1 trillion. But many governments are taking steps to address the shortfall."

So since other places are taking steps to address some shortfall, Detroit doesn't have a problem? Great! Doesn't help Detroit's city government though.

It's like the old math joke: A hotel catches on fire, a mathematician staying there wakes up, notices his room on fire and runs to the bathroom. He lights a match and tosses it into a cup of water, extinguishing it. "Aha! a solution exists!" he shouts. Then goes back to bed.
1 year ago
1 year ago Link To Comment
"But many governments are taking steps to address the shortfall."

Yes, and many others are not. Detroit did not. Illinois did not. And how many of those steps are a day late and a dollar short? California comes to mind.
1 year ago
1 year ago Link To Comment
Krugman should be hearing from Inigo Montoya on the meaning of "underfunded." Public pensions are not "underfunded," they are over-obligated.
1 year ago
1 year ago Link To Comment
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