More bleak news out of Detroit, where Mayor Dave Bing announced he would have to cut 9 percent of the city’s public work force—about 1,000 employees—in an attempt to save money. The layoffs will save about $14 million by June, but that alone won’t be enough to balance the budget. Bing said the city could run out of money by spring and be $45 million short by the middle of next year. He also called for pay cuts, higher health-care contributions, and a corporate tax increase to make up the difference.
November 19, 2011 8:34 AM