Michigan Governor Rick Snyder
domino effect – Because the problems have not been solved expect more cities to follow beyond the State of Michigan…
Two Detroit pension funds have sued the city’s emergency manager, Kevyn Orr, and Governor Rick Snyder in an attempt to block the Motor City from filing for bankruptcy.
The General Retirement System and the Police and Fire Retirement System of the City of Detroit filed the lawsuit yesterday, Bloomberg’s Margaret Cronin Fisk reported. The state’s constitution offers protection of public retirees’ rights, and the petitioners of the lawsuit are claiming that a Detroit bankruptcy would violate those rights.
…Orr hasn’t commented on which pension funds would be cut, and to what degree, but he has vowed to make “significant cuts” to pension payments. http://www.michiganradio.org/term/detroit–financial–crisis
Today [July 18, 2013], Detroit’s Emergency Financial Manager Kevyn Orr filed a volunteer petition for Chapter 9 bankruptcy protection. Michigan Governor Rick Snyder authorized the filing soon afterward. The city is currently faced with an insurmountable $18.5 billion debt which simply cannot be tackled under present conditions. A problem that has been several decades in the making finally reached the breaking point.
http://www.forbes.com/ sites/ joshlinkner/ 2013/ 07/ 18/ detroits-bankruptcy-paves-the-way-for-reinvention/
The above reports are for the public, but down the “rabbit hole” there is the hidden wealth behind the illusory curtain of GOVERNMENT BUDGETS.
MANTRA – Always talk about a BUDGET, but what about the CAFR, Comprehensive annual financial report?
See link to the City of Detroit’s 2012 CAFR:
**Note that this website takes you to the Detroit government (.gov) website.
facts about Detroit that on the surface are absolutely mind-blowing…
1 – Detroit was once the fourth-largest city in the United States, and in 1960 Detroit had the highest per-capita income in the entire nation.
2 – Over the past 60 years, the population of Detroit has fallen by 63 percent.
3 – At this point, approximately 40 percent of all the streetlights in the city don’t work.
4 – Some ambulances in the city of Detroit have been used for so long that they have more than 250,000 miles on them.
5 – 210 of the 317 public parks in the city of Detroit have been permanently closed down.
6 – According to the New York Times, there are now approximately 70,000 abandoned buildings in Detroit.
7 – Approximately one-third of Detroit’s 140 square miles is either vacant or derelict.
8 – Less than half of the residents of Detroit over the age of 16 are working at this point.
9 – If you can believe it, 60 percent of all children in the city of Detroit are living in poverty.
10 – According to one very shocking report, 47 percent of the residents of Detroit are functionally illiterate.
11 – Today, police solve less than 10 percent of the crimes that are committed in Detroit.
12 – Ten years ago, there were approximately 5,000 police officers in the city of Detroit. Today, there are only about 2,500 and another 100 are scheduled to be eliminated from the force soon.
13 – Due to budget cutbacks, most police stations in Detroit are now closed to the public for 16 hours a day.
14 – The murder rate in Detroit is 11 times higher than it is in New York City.
15 – Crime has gotten so bad in Detroit that even the police are telling people to “enter Detroit at your own risk“.
16 – Right now, the city of Detroit is facing $20 billion in debt and unfunded liabilities. That breaks down to more than $25,000 per resident… As Detroit Emergency Manager Kevyn Orr noted last week, it took a very long time for Detroit to get into this condition…