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Thread: Detroit Files for Largest Municipal Bankruptcy in US History

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by a351 View Post
    Let's not be obtuse. The fact that five individuals *liked* the OP should be indicative in and of itself. On many other assorted sites and social media I've seen others take glee in the announcement. Politics at its worst.

    In the same way that New Jersey's anemic recovery under Christie has proven conservative principles to be inept and inapplicable in any scenario. Or, we could concede the fact that some issues extend beyond purely political terms.
    Don't know enough about New Jersey economics to argue that. Let me know when a New Jersey city files for bankruptcy and one that is spending over 100 billion dollars more a year for the past five years than it takes in?

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by Conservative View Post
    Your opinion noted. Don't think the population loss anything to do with the bloated pensions authorized for public employees
    It has to do with why they can't pay them though. Think it through.
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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by molten_dragon View Post
    It has to do with why they can't pay them though. Think it through.
    Right, they cannot pay them because like with the Federal SS program the govt. spent the money and don't have enough working people to make up the difference. No pension should ever have to be paid for by current workers. It really is scary how the Federal Govt. has brainwashed so many people.

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by molten_dragon View Post
    It has to do with why they can't pay them though. Think it through.
    Part of not being able to keep up with current outlays is the fact that the local govt never adjusted it's spending to reflect a changing tax base or economic realities. I don't think you can blame that on something as ill defined as "liberalism", but it definitely points to politicians and voters having a clear hand in the issue

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by Dr. Chuckles View Post
    Part of not being able to keep up with current outlays is the fact that the local govt never adjusted it's spending to reflect a changing tax base or economic realities. I don't think you can blame that on something as ill defined as "liberalism", but it definitely points to politicians and voters having a clear hand in the issue
    Sure, Detroit did a piss poor job of reducing the city's expenses when the population started leaving.

    However some expenses are hard to reduce. When you promise someone a pension of $X/month, you can't just stop paying them that, even when you lose half your taxpayers, and the property values of the other half take a dive.
    If you build a man a fire, he'll be warm for a day.

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by Conservative View Post
    Don't know enough about New Jersey economics to argue that. Let me know when a New Jersey city files for bankruptcy and one that is spending over 100 billion dollars more a year for the past five years than it takes in?
    Find me a city that runs deficits of 100 billion annually and we'll talk it over on my yacht.

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by a351 View Post
    Find me a city that runs deficits of 100 billion annually and we'll talk it over on my yacht.
    You are right, my mistake it was 100 million a year being spent more than is being taken in, NOT billion

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    Re: Detroit emergency manager files bankruptcy

    Quote Originally Posted by molten_dragon View Post
    Sure, Detroit did a piss poor job of reducing the city's expenses when the population started leaving.

    However some expenses are hard to reduce. When you promise someone a pension of $X/month, you can't just stop paying them that, even when you lose half your taxpayers, and the property values of the other half take a dive.
    From my understanding, the local govt did little to nothing to change it's spending habits, even when taking on new obligations. So it wasn't as if the problem simply appeared and continued based on past obligations.

    It's been a continuous march where the local govt seemingly just ignored the issue

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    Re: Detroit emergency manager files bankruptcy

    A big reason why the city is taking in less revenue is because they have lost a big part of what made their workforce middle class. They have now replaced a lot of lost jobs with low wage jobs that further eroded revenue and then you have people leaving the state to find work which further eroded revenue. You also have a host of other issues that involve corruption of politicians who did not properly fund pensions and handing over public municipalities to private interest on a silver platter. Now poverty and crime has gone up and they can't even fund police to respond to it. And, then you have that problem of the city's hundreds of millions of dollars in unpaid taxes.

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    Re: Detroit Files for Largest Municipal Bankruptcy in US History

    Quote Originally Posted by greyhat View Post
    Umm. You have you, your financial planner/adviser or fund manager to blame for holding these if you do. It's called default risk for a reason.
    I bought them 25 years ago, Greyhat. The decision long ago became my responsibility. Unlike others, I don't look to shift blame.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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