UPDATE: Here are a couple of interesting images to demonstrate what’s happened to Detroit. They’re both of the same section of town, but 50+ years apart. About 90% of the houses appear to be gone.
If you hadn’t already heard, Detroit has declared bankruptcy. The city that in 1960 had the highest per-capita income in the United States is now broke. Here are some amazing facts about the city:
1) At this point, the city of Detroit owes money to more than 100,000 creditors.
2) Detroit is facing $20 billion in debt and unfunded liabilities. That breaks down to more than $25,000 per resident.
3) Back in 1960, the city of Detroit actually had the highest per-capita income in the entire nation.
4) In 1950, there were about 296,000 manufacturing jobs in Detroit. Today, there are less than 27,000.
5) Between December 2000 and December 2010, 48 percent of the manufacturing jobs in the state of Michigan were lost.
6) There are lots of houses available for sale in Detroit right now for $500 or less.
7) At this point, there are approximately 78,000 abandoned homes in the city.
8) About one-third of Detroit’s 140 square miles is either vacant or derelict.
9) An astounding 47 percent of the residents of the city of Detroit are functionally illiterate.
10) Less than half of the residents of Detroit over the age of 16 are working at this point.
11) If you can believe it, 60 percent of all children in the city of Detroit are living in poverty.
12) Detroit was once the fourth-largest city in the United States, but over the past 60 years the population of Detroit has fallen by 63 percent.
13) The city of Detroit is now very heavily dependent on the tax revenue it pulls in from the casinos in the city. Right now, Detroit is bringing in about 11 million dollars a month in tax revenue from the casinos.
14) There are 70 “Superfund” hazardous waste sites in Detroit.
15) 40 percent of the street lights do not work.
It’s not hard to draw the conclusion that the rest of are headed down the same path, it will just take a while longer to get there if we continue to do nothing about the tremendous debt we’re incurring.
See 10 more head-shaking facts, and some commentary by Michael Snyder: 25 Facts About The Fall Of Detroit That Will Leave You Shaking Your Head | Zero Hedge.