tag:blogger.com,1999:blog-50341794243890954102024-03-12T22:56:38.050-04:00MIchael D'AntonioAnonymoushttp://www.blogger.com/profile/17325405451192658232noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5034179424389095410.post-23397693233435774052013-08-06T22:23:00.000-04:002017-01-18T16:05:50.953-05:00Detroit Michigan's Bankruptcy. Is it the solution or the problem?<br />
<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">No matter your point of view - whether you're from Michigan, have visited Michigan or have friends in Michigan - Detroit’s “</span><span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;"><span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;"><a href="http://www.freep.com/assets/freep/pdf/C4206913614.PDF">Proposal For Creditors</a></span></span><span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;"><span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">” was
humbling.</span></span><br />
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">18.3% unemployment.</span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Fewer than half of Detroit’s residents over the
age of 16 are working. <o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Per capita income is $15,261.<o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Over 36% of the population is below the
poverty line.<o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">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.<o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Over $9 billion of unfunded life, health and
retirement plan benefits.<o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">$18.5 billion of debt.<o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Our city is insolvent.<o:p></o:p></span><br />
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<a name='more'></a></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Giving additional context to the data set are
a number of stated, qualitative observations: bad governance, dysfunction,
scandal, suffering, cultural divide and entitlement.</span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">An immense land area that has become
desolate, unwieldy and too big to manage or govern.<o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Detroit's infrastructure, including facilities,
grids, fixtures, equipment, vehicles and information systems are antiquated,
have not been adequately maintained and continue to deteriorate rapidly. <o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Given such a construct, bankruptcy is an
appealing option indeed.<o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">But is Detroit’s fate really isolated to
Detroiters? Could it be a harbinger of what’s to come? is Michigan like most other States? Was Detroit just the next
domino to fall in America’s myopic culture?<o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">No matter the source or the exact statistic,
no matter the relevance to other numbers, America’s profile is disconcerting. <o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">The U.S. national debt is almost $17
trillion.<sup>1</sup> <o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">The U.S. federal deficit is more than $800
billion and is projected to exceed $900 billion by fiscal year-end 2013. In
other words, we will spend $900 billion we don’t have – in this year alone.<sup>
2</sup><o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">U.S. total debt is almost $60 trillion.<sup>
3</sup><o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Total personal debt is almost $16 trillion.<sup>
3</sup><o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Total U.S. unfunded benefit liabilities equal
more than an audacious $125 trillion.<sup> 3</sup> <o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Really…what’s the point of keeping score
anymore? <o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">In the 1830’s, President Andrew Jackson
called our national debt a “national curse.” At that time, our debt was less than
$40 thousand dollars. Talk about infinitely wise beyond his years…<o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Over 15% of Americans live in poverty.<sup>4</sup><o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">It is estimated over 100 million working age
Americans do not have a job.<sup>5</sup><o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Half of all Americans have less than $10,000
in savings.<sup>6</sup><o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Over 40% of US families spend more than they
earn.<sup>6</sup><o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">The average credit card balance per U.S.
adult with a credit card is $5,047.<sup>7</sup><o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">The average consumer has 4 credit cards, and
1 in 10 have more than 10 credit cards.<sup>8</sup><o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">An estimated 1 in every 100 U.S. households
will claim bankruptcy.<sup>6</sup><o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">There were over 1.2 million bankruptcies
(business and personal) filed in America in 2012 alone.<sup>9</sup><o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">The American Society of Civil Engineers gave
the U.S. an overall grade of D+ for its infrastructure. They estimate a $3.6 trillion
investment will be necessary by 2020.<o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Our nation is insolvent. <o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Well…it would be if not for our Federal
Reserve and their unfettered ability to print money. But at what cost? And does
anyone really believe we can circumvent the inevitable?<o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Further, it seems every national news program
or piece of content underscores the same cultural fabric suffocating the city
of Detroit: unsustainable benefits, pork-barrel spending, tired infrastructure,
guns, corruption, border security, middle class, jobs, jobs, jobs. The
somber reality is that Detroit - and Michigan - are merely a microcosm of America. <o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">In his recent <a href="http://opinionator.blogs.nytimes.com/2013/07/19/we-have-to-step-in-and-save-detroit/?_r=0">Op-ed about Detroit’s bankruptcy</a>, Steven Rattner said, “America is
just as much about aiding those less fortunate as it is about personal
responsibility.” Agreed. However, the problem, of course, is that while we
continue to engage in the former, we have brazenly disregarded the latter. <o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">If bankruptcy is debt’s
cleanser, how much cleaning supply do we have? Moreover, who ultimately pays
for it? Granted, these life-saving operations had far-reaching human and
political impact but it begs the more important question facing us today - <i style="mso-bidi-font-style: normal;">how long can we aid those who are not
personally responsible? <o:p></o:p></i></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">While I am not
trained in psychology, it seems fairly intuitive that rewarding people for bad
behavior only encourages more bad behavior. <o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">There are many
great ideas and plans for Detroit post bankruptcy - and I'm very optimistic about Detroit and Michigan's future - but perhaps none address the
root causes. As we have learned, this only serves to exacerbate the problem</span><span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">. Undoubtedly, systemic illness requires
treating the body as a whole. </span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Whether it is
our expectations, metrics, and/or values that require contemplation, the time
has come for legitimate change. No more self-serving campaigns. No more
self-fulfilling prophecies. <o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">It was only a
few<span style="color: red;"> </span>short years ago when America was on the
precipice of financial collapse. Irrespective of your position, and there is no
shortage of finger-pointing and blame to go around, one thing should be clear –
we are all culpable – and bankruptcy is not the solution. <o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">It is true Americans buy cars from bankrupt
car companies. We also fly on bankrupt airlines, eat from bankrupt food
producers, safeguard with bankrupt insurers and now live, work and play in
bankrupt cities. Given America’s perspective on success is “how big” and “how
much,” it is no wonder why we are living a life we simply can no longer afford.
<o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">Not only has the stigma of bankruptcy faded –
much to President Jackson’s chagrin – but our curse has become our proxy. Ironically,
like many things that come full circle, our destiny may yield a modern day society
closer to 1830 than 2013.<o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">We live in a place
where casino billboards are seemingly being posted in every state, home
ownership is the basic standard by which we measure the American Dream and debt
is requisite for “getting ahead.” We are driven by immediate gratification, and
we seek refuge by pushing our burdens onto someone else. While there are no
good answers, honest insights and tough decisions remain our only viable,
long-term hope. <o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">The path to
healthiness, as with most serious addictions, unfortunately involves enduring
much pain and suffering. However, if America is as resilient and resolve as she
has always been, we will be stronger for it.<o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">As life would have it, the source of our
greatest strengths often becomes the source of our greatest weaknesses.
Detroit, like its American brethren, has fallen victim to its own circumstances.
Detroit has always been the most American of cities – hard working, self-made
and diverse. From industrialization to suburbanization, civil rights to civil
unrest, passion to complacency, aspiration to greed, opportunity to inequality,
prudent leverage to irresponsibility – that which made Detroit famous has also
forged its failure. <o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">But this is America’s story. <o:p></o:p></span></div>
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<span class="Apple-style-span" style="font-family: "arial" , "helvetica" , sans-serif;">No matter where you call home, we should all
hear sirens in the background – a red light flashing in the distance. With a
power source that will eventually die if not cured at the source.</span></div>
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<span class="Apple-style-span" style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;">Sources:</span></div>
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<span class="Apple-style-span" style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;">1) US
Treasury Office</span></div>
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Budget Office</span></div>
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Reserve</span></div>
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Poverty Center</span></div>
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<span class="Apple-style-span" style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;">5) Forbes</span></div>
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<span class="Apple-style-span" style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;">6) Progressive
Debt Relief</span></div>
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<span class="Apple-style-span" style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;">7) Fox
Business</span></div>
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<span class="Apple-style-span" style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;">8) FTM Daily</span></div>
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<span class="Apple-style-span" style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;">9) USA Today</span><br />
<span class="Apple-style-span" style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: xx-small;">10) NPR</span></div>
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<h3>
</h3>
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Anonymoushttp://www.blogger.com/profile/17325405451192658232noreply@blogger.com1