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Detroit May Be Even Worse Off Than We Thought

Kevyn D. Orr, Michigan’s treasurer who was assigned the unenviable task of leading Detroit back from financial ruin, has turned in his assessment of the city’s chances, and they’re somehow even worse than anyone expected they’d be. Orr described $15 billion in long term obligations, dreadful credit ratings and a widespread brokenness among city operations. “No one should underestimate the severity of the financial crisis,” Mr. Orr said in a statement. “The path Detroit has followed for more than 40 years is unsustainable and only a complete restructuring of the city’s finances and operations will allow Detroit to regain its footing and return to a path of prosperity” …

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