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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 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
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?
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.
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?
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?
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
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.
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.
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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