Kevyn Orr: Detroit Could Have Clean Balance Sheet In 14 Months
He's not drunk. We think.
Detroit's emergency manager voiced confidence on Wednesday that the city could emerge from bankruptcy before his term expires in October 2014 and possibly without having to borrow more money.
Even so, Kevyn Orr, the bankruptcy expert who was appointed in March to a post that gives him almost unlimited power over Detroit's finances, warned that the path back to financial health will not be painless for Detroit's creditors.
Most left-leaning pundits have been calling for federal bailout money (Have they met this economy?) in order to reduce the amount of pain felt by everyone but the American taxpayers in cities who didn't elect Democrats for fifty years to ruin their cities.
Getting Detroit out of the hole is Part One. What remains to be seen is what, if anything, the city will really do to avoid a repeat performance of this mess. The constant presence of Democrats who refuse to believe that their misbegotten policies and unhealthy relationship with Big Labor hastened the Motor City's financial demise won't help in that regard.