With all the scandals in Washington grabbing the headlines, the announcement that the city of Detroit is planning to default on $2.5 billion of unsecured debt is not getting the attention it should. From Fox News:
Detroit said Friday it would stop making payments on about $2.5 billion in unsecured debt and ask creditors to take about 10 cents on the dollar of what the city owes them in a move to avoid what bankruptcy experts have said would be the largest municipal bankruptcy in U.S. history.
Detroit is not just some decaying city you are fortunate enough not live in and, therefore shouldn’t care. Detroit is a piece of America and the rot from years of Democratic leadership will soon be seen in other American cities and it affects each and every one of us in one way or another. Michael Snyder in this post at Zero Hedge tells us that ” Detroit was once the fourth-largest city in the United States, and in 1960 Detroit had the highest per-capita income in the entire nation.” It is hard to believe that this hell-hole of 700,000 desperate souls was once a shinning city of two million proud Americans. I recommend you all bookmark Mr. Snyder’s article. He has sixteen eye-popping statistics on Detroit and fifty-five similar stats on the nation. Here are just a few regarding Detroit:
- Over the past 60 years, the population of Detroit has fallen by 63 percent.
- At this point, approximately 40 percent of all the streetlights in the city don’t work.
- 210 of the 317 public parks in the city of Detroit have beenpermanently closed down.
- According to the New York Times, there are nowapproximately 70,000 abandoned buildings in Detroit.
- Less than half of the residents of Detroit over the age of 16 are working at this point.
- According to one very shocking report, 47 percent of the residents of Detroit are functionally illiterate.
- Ten years ago, there were approximately 5,000 police officers in the city of Detroit. Today, there are only about 2,500 and another 100 are scheduled to be eliminated from the force soon.
- The murder rate in Detroit is 11 times higher than it is in New York City.
All Americans should be saddened by what has happened to Detroit. Detroit is an example of what the Democratic Party’s progressive policies will bring to other American cities in the not to distant future. Already five cities in California have gone bankrupt of which Stockton was the largest city. Talk is that San Bernardino may be next and one has to wonder how far the mega-city of Los Angeles is from being on the ropes?
When people flee a dying city, where do they go? Well, they obviously go where there is hope of finding a job, like Texas. As a result, Texas has the highest number of food stamp recipients, at 4.04 million. And, every working American is paying for the progressive excesses. Not even the blue states can escape the fall out of the progressive folly elsewhere.
I don’t suppose it was really the dream of progressives to destroy Detroit. But, what should alarm us is that when faced with the results, as seen in Detroit, they still can’t relate their policies with the results of their policies. Sooner or later there is nothing left for Paul to rob from Peter, is there? How hard is that to see?
Well, that’s what I’m thinking. What are your thoughts?