The city of Detroit has lost more than half of its population over the last 60 years.
In 1950, the city was the fifth-largest city in the country with a population of around 1.8 million.
Today its population is estimated at just under 700,000.
Translation: a tax base that’s asymptotically approaching zero.
Last week, the inevitable happened: the city of Detroit filed for bankruptcy.
The bankruptcy petition seeks protection from creditors and unions who stake claim to $18.5 billion in debt and other liabilities – mostly bloated union pensions.
Here’s a short video that puts the Detroit situation in perspective.
Consider the following regarding the city of Detroit …
The Homa Files 