Detroit goes Bust

[grober]

Detroit goes bust--- the city that is----- the motor industry went bust years ago. BBC News - Detroit becomes largest US city to file for bankruptcy
In common with many major cities in America the rich white folks moved to the suburbs to avoid paying taxes while still enjoying the employment opportunities the city offered leaving the mainly poor, black, unemployed folks inside the city boundary who were net recipients rather than payers of the cities revenues- result------ they ran out of money.

 

[markjay]

So the US is becoming like the EU now... where the wealthier communities refuse to pay for the less-well-off ones?

But then again when it comes to large organisations run and managed by elected politicians and public sector employees there is always the unavoidable question: to what extent did poor management and incompetence contribute to the current outcome?

 

[The _Don]

They are in debt to the tune of approx £10billion.

 

[grober]

It would appear the major problem is that of pensions- now where have I heard that before? While administered by public officials ultimately they rely on the private sector financial markets to produce sufficient returns to pay for it all. In the end it probably comes down to the fact the entire USA is still living beyond its means.
Detroit, tip of a vast pensions liability iceberg | Heidi Moore | Comment is free | guardian.co.uk

 

[abecketts]

It was the film robocop where the OCP corporation bought the debt of Detroit and sought to remake it in their own image along with a psychotic lunatic or two on the staff.

I wonder if big commerce would consider in effect taking on the city and running it differently, it needs jobs which will then help bring people back to the city and then the abandoned neighbourhoods would be rebuilt,might take 20 years to achieve that.

 

[Deleted member 37751]

Been coming since the 80's this, hasn't it?

 

[Doodle]

In common with many major cities in America the rich white folks moved to the suburbs to avoid paying taxes while still enjoying the employment opportunities the city offered

I wonder how much of it was about paying taxes, and how much the fact that the centre of Detroit wasn't a particularly nice place to be living in 1967.