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Jan 26

Total Government Failure: Detroit Public Schools Spend as Much on Debt Service as Salaries & Benefits

anguis

Socialism is a curse that should be wished on one’s enemies.

Markets always win in the end, and no big-government welfare state can outlive its financial irresponsibility.

Here is a story about a public school system that has overpaid teachers and administrators so much for so many years that interest payments on its debts now approach the same costs as current salaries and benefits.

And these interest payments have been required in a period of low interest. Imagine what will happen when interest rates rise!