Jeff Neal for C.U.R.E. - Certain Unalienable Rights Endowment

Memo to USA: Detroit Is Only 1/2 as Broke as You Are

In Opinion on July 27, 2013 at 9:41 am

On July 18, the city of Detroit filed for bankruptcy.  In simple terms, the City acknowledged that it had incurred more debt than it could repay.  For years, rather than tax its residents enough to pay the bills, it had borrowed money to pay the bills.  And, with the filing, the City confesses that it has borrowed so much money that it is not able repay its debt, not even with the power to force its residents to send money to the city treasurer (aka, the power of taxation).  The residents, it turns out, can move to other towns and cities – and they’ve done so in droves.

With that in mind, I conducted a highly complex financial analysis (see below) which reveals cold reality:

Simple Math

And those rich fat-cats in Detroit, who are only half as in hock as the rest of us, are asking Uncle Sam to bail them out.  Maybe Detroit could just print its own money and bail itself out with paper.  Yeah, that should fix it.

NOTE:  Detroit’s figures include an estimate of the City’s unfunded pension liabilities.  Figures for USA do not.  Estimate = $75,000,000,000,000 or additional $238,930 per person for Social Security, Medicare, Medicaid, ObamaCare and similar entitlements.

NOTE 2:  Detroiters are fooling themselves.  They’re each on the hook for $54,157.37 too.

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