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Detroit Bankruptcy: No Winners (Demo)

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On July 19, 2013, Bob Adelmann writes on the NewAmerican.com Web site:

Detroit’s current condition could have been predicted: As people escaped a city now ridden with corruption and high taxes, the revenue base fell. More money was loaned to keep the city afloat, while benefits to city employees continued to escalate. Today Detroit is the city’s largest employer, followed by the public school system — they dwarf employment at General Motors and Chrysler. There are 9,500 workers on the city payroll with another 20,000 retired and collecting benefits. There are now 78,000 abandoned buildings in the city, half of those owing real estate taxes don’t pay them, one-third of the city lives below the poverty line, while two-thirds of the city’s ambulances don’t work.

 

http://thenewamerican.com/economy/economics/item/16032-detroit-bankruptcy-no-winners

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