Detroit, and the Bankruptcy of America's Social Contract | Robert Reich

"One way to view Detroit's bankruptcy -- the largest bankruptcy of any American city -- is as a failure of political negotiations over how financial sacrifices should be divided among the city's creditors, city workers, and municipal retirees -- requiring a court to decide instead. It could also be seen as the inevitable culmination of decades of union agreements offering unaffordable pension and health benefits to city workers.

But there's a more basic story here, and it's being replicated across America: Americans are segregating by income more than ever before..."