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News Advisory
Wednesday, Jan. 22, 2014
Contact:
Ted O'Neil
Media Relations Manager
989-698-1914
MIDLAND — Mackinac Center Director of Fiscal Policy Michael D. LaFaive will be available today to discuss the possibility that state resources will be used to bail out city of Detroit pensioners and protect the Detroit Institute of Arts collection. According to media reports, a deal worth $350 million could be announced this afternoon.
Last Wednesday LaFaive released his essay “Don’t Bail Out Detroit with State Tax Dollars,” which detailed just some of the reasons the state should not provide even greater financial assistance and other favors to the Motor City than it already does.
“It doesn’t matter if the money comes directly from taxpayers, borrowing from future tobacco revenue money or any other state dollars,” he said. “Bailing out Detroit is unfair and effectively rewards the city for years of bad policy choices and fiscal mismanagement.”
LaFaive has written extensively about Detroit and in 2000 warned the city and state in a very public way of the Motor City’s financial troubles, zeroing in on the city’s underfunded pensions. In 2005 he publicly warned again that Detroit needed to change or face a possible receivership.
LaFaive can be reached at 989-698-1929 or 989-430-8669.
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