The shockingly sad shape of Detroit:
- Ninety-three percent of eighth graders read below their grade level (that’s no typo: 93%!)
- Forty-seven percent of the adult population in Detroit is functionally illiterate (this doesn’t give you much to work with if you’re planning on establishing one of Obama’s “Enterprise Zones” or “Innovation Hubs” in Detroit)
- The average response time for police after calling 911 is 58 minutes
- The police force has been reduced by 40% in the last decade
- Only 10% of crimes are solved in Detroit
- The incidence of violent crime in Detroit is 5 times higher than the national average
- 79,000 homes are abandoned and empty in Detroit
- Of those remaining in their homes, only half pay property taxes
- Forty percent of street lights don’t work
- 210 of 317 city parks have been closed
- Only one third of the ambulances in the city are operable and of those many have over 250,000 miles on them
- Realtors are offering homes for $1 and still find no takers
As one commentator put it: Were we to compare photographs of today's Hiroshima with today's Detroit, we would assume Japan won the Second World War after nuking Michigan.
Here’s the parallel between Detroit and the US:
It would require $25,000 from every man, woman, and child of Detroit to eliminate Detroit debt.
It would require $53,000 from every man, woman, and child of the US to eliminate US debt.
Now do you see the difference? The difference is that as a country, we’re in twice as deep as Detroit, but we’re not bankrupt because we can keep printing money while Detroit can’t. The problem is, all of those bonds we’re buying during the Federal Reserves’ “quantitative easing” need to be paid back someday. When will that day come? Who’s to know but I do know that we’re continuing “quantitative easing” at the rate of $84 billion PER MONTH so that day keeps getting pushed out into the future. That just makes the final day of reckoning all the more painful when it finally happens.