It should come as no surprise that the lessons that should be learned from the bankruptcy of Detroit, a city that once stood as the shining example of America’s industrial might, are being ignored by the American political establishment and its allies in the docile press corps.While the death spiral of the Motor City may be extreme in relation to conditions throughout the country, it is a difference of degree rather than design. In truth, Detroit is our canary in the coal mine. It is succumbing to the same combination of productive decay, government mismanagement, and unmanageable debt that is crushing the rest of us.But as the most sub-prime of all major American cities, the symptoms that are infecting all of us have first become fatal in Detroit.
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