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Old 08-04-2013, 10:38 AM
 
16,926 posts, read 9,454,369 times
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Detroit has a third of its people living below the poverty line and the average per capita income is just $14,700.

Here is the debt each citizen owes per person:

City of Detroit Debt per citizen: $26,000

Wayne County Debt per citizen (not counting future unfunded obligations): ~$1,000

State of Michigan Debt per Citizen (not counting future unfunded obligations): $7,800

US Debt per Citizen (not counting future unfunded obligations): $53,400

Total Debt per citizen of Detroit = ~$88,200, while ignoring many unfunded future promises. Considering that the average income of adults in the city is under $15,000...why is this a big deal? Seems like pretty reasonable debt levels to me.
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Old 08-04-2013, 11:30 AM
 
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The Truth About Detroit's Bankruptcy - YouTube
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Old 08-06-2013, 10:02 PM
 
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Detroit: Private Enterprise Built It, Government Destroyed It





"The real story of Detroit is that its problems are entirely man-made, and can be summed up in seven words. Private enterprise built it, government destroyed it. That is the screaming headline that is unfortunately absent from the media coverage." - an excerpt from Detroit Broke City
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Old 08-07-2013, 09:31 AM
 
9,856 posts, read 13,654,452 times
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Quote:
Originally Posted by michiganmoon View Post
Detroit has a third of its people living below the poverty line and the average per capita income is just $14,700.

Here is the debt each citizen owes per person:

City of Detroit Debt per citizen: $26,000

Wayne County Debt per citizen (not counting future unfunded obligations): ~$1,000

State of Michigan Debt per Citizen (not counting future unfunded obligations): $7,800

US Debt per Citizen (not counting future unfunded obligations): $53,400

Total Debt per citizen of Detroit = ~$88,200, while ignoring many unfunded future promises. Considering that the average income of adults in the city is under $15,000...why is this a big deal? Seems like pretty reasonable debt levels to me.
The scarier part of this is the fact that the national debt per taxpayer is just over $148,000. If detroit is bankrupt with only $88k debt/individual and the federal government is levered so far beyond that, why do we keep pumping more money into military and social welfare spending?
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Old 08-07-2013, 01:18 PM
 
1,614 posts, read 1,785,052 times
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Quote:
Originally Posted by hnsq View Post
The scarier part of this is the fact that the national debt per taxpayer is just over $148,000. If detroit is bankrupt with only $88k debt/individual and the federal government is levered so far beyond that, why do we keep pumping more money into military and social welfare spending?
Our entire economic system is entirely arbitrary... that is how the fed can get away with it.
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Old 08-07-2013, 01:38 PM
 
22,770 posts, read 26,798,499 times
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Originally Posted by hnsq View Post
The scarier part of this is the fact that the national debt per taxpayer is just over $148,000.
Which has NOTHING to do with the topic, since unlike the U.S. Federal Government, the City of Detroit doesn't have its own debt-based currency. The U.S.'s debt serves as the money supply; Detroit's debt does not.

Didn't you tell me, once, that you went to business school? Do they not teach you about currency?
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Old 08-07-2013, 02:08 PM
 
9,856 posts, read 13,654,452 times
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Originally Posted by le roi View Post
Which has NOTHING to do with the topic, since unlike the U.S. Federal Government, the City of Detroit doesn't have its own debt-based currency. The U.S.'s debt serves as the money supply; Detroit's debt does not.

Didn't you tell me, once, that you went to business school? Do they not teach you about currency?
So you are saying you have no clue what GO muni bonds are? Are you seriously saying that tradable bonds backed by the full faith of the city of Detroit that are debt-based aren't extremely similar to currency markets?

Seriously, think a bit before talking next time.
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Old 08-07-2013, 02:11 PM
 
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Quote:
Originally Posted by hnsq View Post
So you are saying you have no clue what GO muni bonds are?
That isn't what I'm saying.

Quote:
Originally Posted by hnsq View Post
Are you seriously saying that tradable bonds backed by the full faith of the city of Detroit that are debt-based aren't extremely similar to currency markets?
Yes, that's exactly what I'm saying.

The "Full faith and credit of the City of Detroit" is , in practical terms, limited by the ability of Detroit to tax people unfortunate enough to live in Detroit's city limits.

The "Full faith and credit of the United States" is, in practical terms, limited by the ability of the U.S. to manage the U.S. dollar and maintain status as a source of global liquidity.
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Old 08-07-2013, 02:24 PM
 
9,856 posts, read 13,654,452 times
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Quote:
Originally Posted by le roi View Post
That isn't what I'm saying.

Yes, that's exactly what I'm saying.

The "Full faith and credit of the City of Detroit" is , in practical terms, limited by the ability of Detroit to tax people unfortunate enough to live in Detroit's city limits.

The "Full faith and credit of the United States" is, in practical terms, limited by the ability of the U.S. to manage the U.S. dollar and maintain status as a source of global liquidity.
Full faith and credit of the city of detroit is the ability to tax as well as the ability to maintain the status and funding from issuing GO munis and managing them in the market.

Full faith and credit of the united states is the ability to tax citizens on a federal level as well as the ability to maintain the status of the dollar through currency markets as well as issuing bonds as well.

They are extremely similar.
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Old 08-07-2013, 02:35 PM
 
Location: None of your business
5,466 posts, read 3,857,372 times
Reputation: 1170
Quote:
Originally Posted by michiganmoon View Post
Detroit has a third of its people living below the poverty line and the average per capita income is just $14,700.

Here is the debt each citizen owes per person:

City of Detroit Debt per citizen: $26,000

Wayne County Debt per citizen (not counting future unfunded obligations): ~$1,000

State of Michigan Debt per Citizen (not counting future unfunded obligations): $7,800

US Debt per Citizen (not counting future unfunded obligations): $53,400

Total Debt per citizen of Detroit = ~$88,200, while ignoring many unfunded future promises. Considering that the average income of adults in the city is under $15,000...why is this a big deal? Seems like pretty reasonable debt levels to me.
hmmm, the government won't deem them of too much value and Obamacare will soon be enacted. As each gets sick that will take care of them.
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