Dr. Richard Vedder, Professor Emeritus of Economics at Ohio University’s College of Arts & Sciences. co-authored with Ken Blackwell a column on “Cincinnati Must Face the Crisis that Sealed Detroit’s Fate” Nov. 1 at Townhall.com.
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.
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