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View Diary: Detroit Files For Bankruptcy… (42 comments)

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  •  Nope, it is b/c Detroit is a financial basket case (4+ / 0-)

    The tax base has left.  Over 1 million have moved out of the city never to return.  There are two pensioners for every city employee now.

    That is reality.

    "The way to see by faith is to shut the eye of reason." - Thomas Paine

    by shrike on Thu Jul 18, 2013 at 05:29:42 PM PDT

    [ Parent ]

    •  Why has the "basket case" developed in a town once (1+ / 0-)
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      the center of American manufacturing? Because of the Washington Consensus policies of "free trade," internationalization of capital flows and "investment," deregulation of markets and the destruction of the working class. The "downsizing" and privatization of government and the destruction of investment in infrastructure, education and the needs of the people of the country.

      "Intelligence is quickness in seeing things as they are..." George Santayana

      by KJG52 on Thu Jul 18, 2013 at 07:37:09 PM PDT

      [ Parent ]

    •  You're understating the population decline... (1+ / 0-)
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      In 1950 Detroit was 1.8 million, but it kept growing through the first half of the 50s. IIRC the official census bureau estimate actually peaked in 1955 at 2.5 mil.

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