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.Damn that middle class, leaving a corrupt, crime ridden, high tax city, to go someplace safe, sane and friendlier.
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.
One day you wash up on the beach, wet and naked. Another day you wash back out. In between, the scenery changes constantly.
Thursday, July 18, 2013
It's Official - Detroit Goes Bust
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