(Economist) America’s public finances–The Unsteady States of America

When Greece ran into financial trouble three years ago, the problem soon spread. Many observers were mystified. How could such a little country set off a continental crisis? The Greeks were stereotyped as a nation of tax-dodgers who had been living high on borrowed money for years. The Portuguese, Italians and Spanish insisted that their finances were fundamentally sound. The Germans wondered what it had to do with them at all. But the contagion was powerful, and Europe’s economy has yet to recover.

America seems in a similar state of denial about Detroit filing for bankruptcy…. Many people think Motown is such an exceptional case that it holds few lessons for other places. What was once the country’s fourth-most-populous city grew rich thanks largely to a single industry. General Motors, Ford and Chrysler once made nearly all the cars sold in America; now, thanks to competition from foreign brands built in non-union states, they sell less than half. Detroit’s population has fallen by 60% since 1950. The murder rate is 11 times the national average. The previous mayor is in prison. Shrubs, weeds and raccoons have reclaimed empty neighbourhoods. The debts racked up when Detroit was big and rich are unpayable now that it is smaller and poor.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., City Government, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Economy, Ethics / Moral Theology, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Personal Finance, Politics in General, Taxes, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, Theology, Urban/City Life and Issues

One comment on “(Economist) America’s public finances–The Unsteady States of America

  1. BlueOntario says:

    Urban sprawl? White flight? I think they deserve a mention in any talk on municipalities. I would add that lumping states with cities obfuscates the problems with both. There are similarities, but they stem from different actions.