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That's the one good thing you can say about what's going on in Detroit: It will hopefully motivate the politicians, employees and unions everywhere else to face reality and not believe the Tooth Fairy will somehow deposit the cash under their pillows.
In the last century, when Detroit's big thinkers first planted the "art" seeds that eventually grew into a world-class institution, could they ever have imagined, in their wildest dreams, a scenario like the LA Times chronicles?
The US debt ceiling is a legislative limit on the US Treasury's ability to borrow money. It was first created in 1917 and can be modified by Congress. As of this month's agreement, the debt ceiling has been raised 79 times since 1960.
It turned out that we found a much bigger house, with more light, a beautiful backyard, in a great location -- for less money than we had been paying. The need to move, which initially had seemed like such terrible news, turned into a very positive thing for us.
Many many Americans have known and still do know people who have become fragile economically because they fell ill. People should not have to spend their last days worrying about health care costs. We are a civilized nation and now we are beginning to act like one.
The patients who reach out while in the quicksand of catastrophic illness, like the 49-year-old man who was terminated by his insurance company because he had the nerve to contract brain cancer, are equal parts heartbreaking and inspirational.
Republican Governor Rick Snyder has appointed an emergency manager to run Detroit in place of the duly elected mayor and City Council. Even more troubling, the governor did so after Michigan voters had rejected the emergency manager law at the ballot box.
"That auto task force," said Keith, "and I'm sorry to get political, but it is political, that auto task force that Obama put together, not one single member of it had any automotive experience."
In Rick Snyder's Michigan, there's no money to make good on the pensions seniors in Detroit worked a lifetime to earn, but there's always a few hundred million available for a billionaire who wants an extravagant new sports arena.
We both took time in a deserted New York City office building on the Friday before the last, long summer holiday weekend, to discuss something that affects every professional, but puts most people to sleep!
In recent years, we have developed an unhealthy habit of blaming the borrower, but there are two parties in every financial contract -- and the lender is almost always the more experienced, more sophisticated, and more powerful of the two.
Rick Snyder may not be to blame for Detroit's fall from grace but standing idly by while his greatest asset imploded is not the work of a great businessman or a great governor. It is the action of man who is out of his depth.
The debate over public pensions shows clearly the contempt that the elites have for ordinary workers. While elites routinely preach the sanctity of contract when it works to benefit the rich and powerful, they are happy to treat the contracts that provide workers with pensions as worthless scraps of paper.
By the time I was 24, I owed nearly $35,000 on eight credit cards. Staying on top of the payments was like having a second full-time job.
Excessive mortgage debt, student loan debt, medical debt and more have placed untenable burdens upon millions. As we learn from our Torah portion, a cursed society is one in which factions are trapped in merciless power dynamics as debtors.