Zero Hedge has a very pointed article about Detroit’s decline. In it are listed 25 reasons it’s bankrupt (that, as ZH claims, will leave you shaking your head when you finish). Here are the first 12:
1) At this point, the city of Detroit owes money to more than 100,000 creditors.
2) Detroit is facing $20 billion in debt and unfunded liabilities. That breaks down to more than $25,000 per resident.
3) Back in 1960, the city of Detroit actually had the highest per-capita income in the entire nation.
5) Between December 2000 and December 2010, 48 percent of the manufacturing jobs in the state of Michigan were lost.
6) There are lots of houses available for sale in Detroit right now for $500 or less.
7) At this point, there are approximately 78,000 abandoned homes in the city.
8 ) About one-third of Detroit’s 140 square miles is either vacant or derelict.
I know, you look at that and say, “these have me shaking my head already … there’s more”? Oh, yeah. Read ‘em all. But here’s the important part. It’s not just Detroit:
9) An astounding 47 percent of the residents of the city of Detroit are functionally illiterate.
10) Less than half of the residents of Detroit over the age of 16 are working at this point.
11) If you can believe it, 60 percent of all children in the city of Detroit are living in poverty.
12) Detroit was once the fourth-largest city in the United States, but over the past 60 years the population of Detroit has fallen by 63 percent.
Tell you what. Let’s roast two birds with one stone. Are you an illegal alien? Would you like to become a legal resident? Fine. All you have to do is emigrate to Detroit, pledge never to join a union, and agree not to accept any welfare or other government support payments whatsoever. In turn, Detroit will become a free economic zone with no federal, state, or local taxes, and no government regulations.