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Why People Are Running From Detroit

Wednesday, May 8, 2013 9:55

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Detroit has a lot of problems. No secret there. There are lots of suggestions as to how to fix those problems. Reasonable people might disagree on the solutions, but what it looks like is reasonable people are running from Detroit.

(Photo credit: Wikipedia)

A friend of mine has a new company that compiles municipal debt data. They can do it for any city, county or state. Here is a link to what they found out about Detroit.

What is amazing is how much debt Detroit really has as a city. It’s far greater than its citizens might suspect. Once county and state debt is figured in, it’s huge.

Clearly Detroit stands out on the US map with a value of 0.31, or it takes everyone in Detroit 31% of their annual income to pay down the city’s general obligation debt.

Add in federal obligations and you aren’t working for yourself. You are working for the state.

The post Why People Are Running From Detroit appeared first on Points and Figures.

Source: http://pointsandfigures.com/2013/05/08/why-people-are-running-from-detroit/

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