First Detroit, Now Flint Warns Bankruptcy “Train Is Headed For The Cliff”…(Just Like AmeriKa!!)

Sunday, July 20, 2014
By Paul Martin

by Tyler Durden
ZeroHedge.com
07/19/2014

Flint may be Michigan’s second city to plunge into bankruptcy unless retirees accept cuts in health benefits that threaten to unravel a balanced budget. As Crain’s Detroit reports, Emergency Manager Darnell Earley (Flint’s third emergency leader since it was placed under state control in 2011) warned “If we have no ability to mitigate the cost of retiree health care, that’s going to make it very difficult for the city to remain financially stable over the next few years.” As Eric Scorsone notes, “Flint’s at the forefront, but a lot of cities are on the same train, and that train is headed for the cliff.”

The Rest…HERE

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