detroit bankrupcy
- Locked due to inactivity on Aug 4, '16 4:26pm
Thread Topic: detroit bankrupcy
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So the city of Detroit declared bankruptcy at 18 billion dollar debt.
Obviously, this means homes in the area become valueless, thousands of families left without an income, business either moving out, or folding in, and public services such as:school, firefighters, police, and postalworkers ect. are no longer paid, but (FOR NOW) will continue to use what little resources they have to maintain order.
OK that's pretty bad. Detroit is a relatively big city, a lot of lives are impacted locally, BUT the bankruptcy leaves an even bigger question: What are the implications of an entire city going bankrupt? What does this mean for America??
Right away Michigan is going to SUFFER for this. And if michigan suffers, what happens to the northeast? and the north for that matter, and to all of America?
I realize it's a slippery slope scenario, but this is the biggest bankruptcy in American history. If it happened there, it could happen anywhere.
And beyond the physical economic damage this will do, how much more weight will this put socially, on our sinking hegemony?
What do I hope happens? Uncle Sam steps in, sweeps up, and gets everything back to normal in 24 hours.
The reality is that the American government has become so in debt that Obama recently "borrowed" 9 trillion dollars from china that neither of expect to ever be paid back.
Our business is being outsourced, our education failing, and now major cities going bankrupt. It's starting to look pretty conclusive that the decline of our economy is accelerating quicker then we can compensate, and it worries me that we might be on the verge of depression. -
It might be the first of a couple of cities in Michigan. But aside from that, it's hard to see this being a national trend. Detroit has been in dire straits for a pretty long time, and any recent efforts to change that were too little too late. Now instead of making guaranteed pensions for city employees smaller, like they should've done long ago, their employees' pensions probably won't even be paid out. Nothing goes right for anyone in that city. At least the Tigers have a shot at winning the World Series this year!
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Blastoise77 NewbieDetroit is living proof that Liberal economic policies don't work.
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In a word: no. It is proof that so-called free trade policies don't work. The federal government failed to protect American industry, especially the auto industry. Our government pretty much sold American workers up the river by signing free trade agreements with Mexico and Pacific Rim nations. GM and Chrysler have since sent much of their production to Mexico. So now cities like Detroit don't have their traditional industrial base, and when the jobs left, so did much of the population. Less money, fewer people, all that makes for a huge shortfall in revenue. Blame unions if you want, but keep in mind how bad the working conditions are in the countries we sent our jobs to. Is that really something you want in this country?
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Blastoise77 NewbieLol Detroit is the opposite of free trade. Democrats/liberals have controlled the city since the 60's. Leftist economic policies of big government, lots of regulations, big unions and corrupt mayors have killed the city. Don't bail it out again, wipe wipe the slate clean and start fresh.
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Six dominoes. Exactly six dominoes.
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Once again Tongue has given me hope for humanity.
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And again I find it incredibly ironic that I give anyone hope for humanity. But whatever gets you through, I guess.
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