We still don’t know how Detroit’s bankruptcy is going to play out. We don’t know how much pensions will finally be cut. We don’t know whether the state will kick in the funds needed to save the collections of the Detroit Institute of Arts.
But we do know two things.
In the end, a lot of people – pensioners – who don’t have much money now will have even less.
And we also know this: Bankrupt, poor Detroit and the state are going to spend more than $250 million to build a new hockey and entertainment arena for Mike Ilitch, who owns the Detroit Red Wings.
That’s more than half the entire cost of the project.
This is the second arena the city has helped build for the Red Wings. The team now plays in Joe Louis Arena, which was built 35 years ago.
They give a small cut of their proceeds to the city – about $7 million a year for Detroit, but once the new arena is finished, know how much the taxpayers will get? Nothing.