We all knew it was coming and now it has: GM is bankrupt.
  The quintessential American automaker entered Chapter 11 this morning. It is $172 billion in debt, according to The New York Times.

  GM has announced plans to close 12 factories in Michigan, Indiana, Ohio, Delaware and Tennessee.
  The government’s going to give GM another $30 billion to get it through what President Obama hopes will be a quick restructuring.
  Mercifully, at least GM has promised to keep its headquarters in Detroit, The Times reports.
  Chrysler, meanwhile, is expected to emerge from …

The Tax Bias Against Cities
Not that long ago, I couldn’t imagine a more boring topic than taxes. Then I saw this documentary about how regressive state taxes in Alabama were enriching the wealthy at the expense of the state’s poorest residents. The documentary featured people that literally did not have indoor plumbing but were carrying the state government on their backs while many wealthy residents of the state were entirely exempt from paying state taxes. This is because Alabama has a regressive state income tax policy that lets residents write …

I’m always skeptical when local governments – or gaming proponents - try to sell gambling as the cure for our region’s ills. Ohio voters have rejected casino proposals several times, but there are casinos in Detroit, and also in my hometown of Erie, Pa.
But this article from the Erie Times-News details how revenues from the Presque Isle Downs & Casino is helping lower property tax bills for a number of area residents.
“The stock market can’t seem to recover. Manufacturers slash jobs. Gas prices inch upward.  In these trying economic times, thank goodness …