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View Diary: The other Detroit pension fraud (13 comments)

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  •  Pension Math (0+ / 0-)

    The cause of the crisis is not Pension Math but simply no private sector left to support city services (and pensions) built for a much larger population.  

    Almost all large employers in Detroit are public.   There is simply no one left to tax.

    Detroit's problems are somewhat unique.  As a child of the 70's, I constantly heard that our large cities were going down the tubes-New York was a mess and everyone screamed white flight.  

    Now, except for Oakland, Cleveland, Newark, Chicago, and Philly, most American cities are on much better ground.

    What did Detroit do wrong?  Aside from massive corruption, the big problem Detroit has is that the American Car Industry left it and moved to Red States.  There are 12 to 15 places we make cars in the US that make money.  Most are in places like Tenn. and SC.  The UAW is now irrelevant.  They have 3 times as many retirees as they do workers.  

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