In October of 2012, President Barack Obama triumphantly declared he “refused to throw in the town” and “let Detroit go bankrupt.”
On July 18, 2013, Detroit went bankrupt.
“We refused to throw in the towel and do nothing. We refused to let Detroit go bankrupt. We bet on American workers and American ingenuity, and three years later, that bet is paying off in a big way,” Obama said in his weekly address.[youtube]http://youtu.be/tTJP1APPxJk[/youtube]
To be fair, it seems that Obama was touting Detroit of an example of how his administration “saved” the automobile industry. Clearly though, this administration’s big government policies were still not enough to save the city from economic ruin.
Biden also made a similar argument during a vice presidential debate with Paul Ryan in 2012:[youtube]http://youtu.be/62KRYbvgCQE[/youtube]
Detroit on Thursday became the largest city in U.S. history to file for bankruptcy, as the state-appointed emergency manager filed for Chapter 9 protection.