Tuesday, August 6, 2013

Detroit Michigan's Bankruptcy. Is it the solution or the problem?

No matter your point of view - whether you're from Michigan, have visited Michigan or have friends in Michigan - Detroit’s “Proposal For Creditors” was humbling.

18.3% unemployment.

Fewer than half of Detroit’s residents over the age of 16 are working.

Per capita income is $15,261.

Over 36% of the population is below the poverty line.

For fiscal year-end 2012, the accumulated general funds deficit was $326.6 million. If not for the recent debt issuance, this was projected at $700 million for fiscal year-end 2013.

Over $9 billion of unfunded life, health and retirement plan benefits.

$18.5 billion of debt.

Our city is insolvent.