Thread: Detroit....

If Obama owned a city ...it would look like DETRIOT. What a shame....

Are you saying deficit spending is in fact not sustainable because the US government thinks otherwise.

Eventually all debts will have to be paid. Debt is slavery. Every man woman and child in this country owes about $50k not including fed state and local govt unfunded obligations which are not included in the total debt figure. It is much higher.

Just waiting to see if they Pay Off the Banks and screw their retirees.

Just like the Student Loans. We'll charge the banks less than a % with no problem . But we'll shaft the students.

I really don't want to be a grammar-nazi here but... Is the typo voluntary? I'm just wondering because it does look like "debt-riot"...

Anyways, cheers.

It is a crying shame what happened to Detroit and lots of people are going to suffer. Retirees are very low on the list of creditors who have to be satisfied in bankruptcy cases. By low I mean I think they don't even rate in the first string. When in debt you can't spend your way to prosperity with money you don't have.

Bob

Well the Harvard educated economists think you can and that's the only way by spending more. But I say that if you keep borrowing to spend and supplementing your lifestyle, it seems that all is well, but it only SEEMS that way. Reality is another matter.

Come on, guys. If you want to talk about debt politics, that's one issue, but that's not what killed Detroit. It's been a one-industry city for decades, and that industry hasn't exactly been thriving lately (2008, anyone?). More importantly, "Since 2000, Detroit’s population has declined 26 percent. There are now just 706,000 people in the city, way down from 1.85 million during its industrial heyday in 1950." So the city was built for a population more than twice as large as its current one - and that shrinking means that there is a lot of infrastructure & debts such as pension promises in place that can't be funded by the current tax base. It's pretty simple.


Detroit just filed for bankruptcy. Here’s how it got there.

Well, if they weren't responsible for every negative thing there would be no need to blame them!

I think Detroit is just the tip of the iceberg. There are many other cities that will be facing the same thing too soon. And this is the small stuff. This country is so far behind in debt that anything short of a miracle will not stop the inevitable. 1% of the population controls this country. Left wingers,right wingers, no wings, all allow this to go on. If we don't get control of these clowns we call leaders we will get what we deserve. Nothing. Same thing Detroit is becoming, nothing but a shell of what it once was. And it doesn't look to me like we have much time. What I find amazing is that everyone looks for blame and/or points fingers. Instead of pulling together like we would during any other disaster.