Editor's Note:
This column was co-authored by Prof. Richard Vedder, the Distinguished
Professor of Economics Emeritus at Ohio University.
Cincinnati and
Detroit are separated by barely more than 250 miles – a five-hour drive at
worst, or under an hour by plane. Despite this proximity, many Cincinnatians
would prefer to believe that Detroit’s horrendous fiscal situation couldn’t
possibly hit their city. Not so fast.
As the largest
bankrupt city in America, Detroit has seen its population drop by more than half,
unemployment soar to well over double the national average, and services
decline. This is what happens to a locality mired in $18.5 billion of debt.
No, Cincinnati
is not in immediate danger of that degree of collapse. But as Ohioans with some
75 years of combined experience in public service and fiscal policy, we both
strongly believe the City should learn a lesson from Detroit now … before the
seeds of such a crisis grow out of control.....To Read More.....
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