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The Fall of Detroit

The most recent census showed that in the decade from 2000 to 2010 Detroit lost an astonishing 25% of its population.  This makes Detroit the 18th largest city in the United States at a population of 713,777.  The decline in population is only half the problem, the other half resides in their $12.3B of outstanding debt, along with well over $5B in promised benefits and unfunded pension funds.  In total, the Citizen’s Research Council of Michigan puts the long-term debt burden at about $20B.  That ends up being about $28,000 per (remaining) resident of the fine city of Detroit.  That is on top of the ~$49,000 per US Citizen based on the current US National Debt.

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