It's Official - Detroit Goes Bust

Detroit becomes largest U.S. city to file for bankruptcy

Detroit on Thursday became the largest city in U.S. history to file for bankruptcy, as the state-appointed emergency manager filed for Chapter 9 protection.

Kevyn Orr, a bankruptcy expert, was hired by the state in March to lead Detroit out of a fiscal free-fall and made the filing Thursday in federal bankruptcy court.

A number of factors -- most notably steep population and tax base falls -- have been blamed on Detroit's tumble toward insolvency.  Detroit lost a quarter-million residents between 2000 and 2010. A population that in the 1950s reached 1.8 million is struggling to stay above 700,000. Much of the middle-class and scores of businesses also have fled Detroit, taking their tax dollars with them.

Damn that middle class, leaving a corrupt, crime ridden, high tax city, to go someplace safe, sane and friendlier.