| When Detroit declared bankruptcy, or at least tried to -- the legal situation has gotten complicated -- I know that I wasn't the only economist to have a sinking feeling about the likely impact on our policy discourse. Was it going to be Greece all over again? There are influential people out there who would like you to believe that Detroit's demise is fundamentally a tale of fiscal irresponsibility and/or greedy public employees. It isn't. For the most part, it's just one of those things that happens now and then in an ever-changing economy. |
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