Michigan's Tough Nerd's Over-Clever Bailout Plan for Detroit
After swearing that there would be no bailout for Detroit, Michigan Governor Rick Snyder, aka Tough Nerd,
announced, guess what yesterday? A bailout!
It doesn't sound like a lot – only about $17 million every year for 20 years – about a third of the annual subsidies that fat-cat Hollywood producers receive from the state currently. The money will be given to the Detroit Instiute of Arts to give to Detroit's pensioners.
In return, public unions would presumably have to forego litigation to extract more money, allowing the city to exit bankruptcy ahead of November when Snyder faces re-election. And Democrats would have to agree to some longstanding item on the Republican wish list. (Some ideas rumored to be under discussion include slashing the income tax or converting the school pension system from a defined benefit to a defined contribution plan.)
So what's not to like?
You'll have to read my Washington Examiner column this morning to find out.