Rand Paul: Bailout of Detroit? Over My Dead Body
“I say over my dead body because we’re not going to bailout Detroit,” Paul said.
“We don’t have the money. Who is going to bailout the United States if we bail out Detroit?”
Just a few months ago President Obama told Detroit, “We will not allow you to go bankrupt.” But Rand Paul says that “we don’t have the money” to bail out Detroit asking, “Who is going to bailout the United States if we bail out Detroit?”
He went on to say, “I want what’s best for Detroit, and what’s best for Detroit is a quick, abrupt bankruptcy and new management.”
Detroit has long been in financial turmoil and holds the nation’s highest unemployment rate. Senator Paul said that asking the rest of the country to pay for Detroit’s mismanagement is wrong. Detroit is known for extreme spending by the city government. For example, paying far higher pensions that the private sector and spending over $11,000 per student when the national average is in the $9000 range. According to Senator Paul, “It’s not the obligation of people who live in Iowa to pay for the extravagances of people who live in Detroit.”
Detroit used to be one of the wealthiest cities in the United States, at one time having the highest median income in the country. So what happened to Detroit? Watch the video below to find out:
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