Here is Your Wakeup Call, America: Detroit Just Went Bankrupt20 Jul 2013 / PE
Detroit used to be known as “the Paris of the midwest” – a city of wide streets, imposing buildings, and home to the great US auto industry. In 1960, it had the highest per capita income in the nation. But decades of decline, racial tension and corruption have brought the motor city to its knees.
Highest per capita income in the nation! I did not know that.
Anyway, Detroit filed for bankruptcy last week with debts of more than $18 billion.
The city’s population has dropped from 2 million in 1950 to 700,000 today, as Detroiters have become fed up with decades of mismanagement and rising crime and poverty. Detroit’s murder rate is at a 40-year high, only a third of its ambulances are in working order, and nearly half its streetlights are broken.
Citizens wait 58 minutes for the police to respond to calls, compared to a national average of 11 minutes. There are 78,000 abandoned buildings . . .
Detroit (1701-2013). Don't cry for us, America. You're next.
— Michael Moore (@MMFlint) July 19, 2013
Michael Moore, like a stopped clock, is occasionally right. It’s funny he should say that though — “You’re next” — because he’s never been an advocate of fiscal responsibility or not spending lots and lots of money that you don’t actually have.
Maybe I’m misinterpreting but if what he’s saying is that America is on track for bankruptcy, then I couldn’t agree more.