Standing Up to Disaster Capitalism in Detroit
by John Nichols
Posted July 19, 2014
As Michigan Governor Rick Snyder and his appointed “emergency manager” were steering Detroit into bankruptcy last fall, the public-policy think tank Demos released a groundbreaking report on the city’s financial circumstance—and how to address it.
Demos recognized that deindustrialization, high unemployment and an exodus of residents had left Detroit uniquely vulnerable: “the current bankruptcy filing is the result of a severe decline in revenue, caused by the 2008 financial crisis, and cuts in annual state revenue sharing starting in 2011. Risky Wall Street deals further jeopardized the city’s public finances by threatening immediate payments that the city could not afford.”
Now, as the Detroit Water and Sewage Department is drawing international criticism for shutting off water service for low-income families, activists are asking why the people are being forced to pay while the Wall Street banks live large. On Friday, members of the National Nurses United union and local, state and national groups will march and rally in downtown Detroit to say the priorities are out of whack. Their message is direct: “Let’s Tax Wall Street, Get Our Money Back, and Turn on the Water!” More…