I read a report this afternoon on Zero Hedge called “10 Scenes From The Ongoing Global Economic Collapse”. It is quite an alarming article that deals with the global economic situation and how it is effecting people. Point 9 and 10 were the most shocking.
Data Diving Detroit has compiled a report on children in Detroit. The report shows that families in Detroit have suffered a 33% average drop in income in 2011 and shows that children living in poverty has increased to 57%. Most shocking is that it shows that 62.7% of children under 5 years of age are living in poverty. The report also shows that the unemployment rate in 2011 at 49%. Rebecca Solnit, in her Harpers Magazine article wrote “The city, once the fourth largest in the country, is now so depopulated that some stretches resemble the outlying farmland and others are altogether wild” (page 66, Harper’s Magazine, July 2007).
An article in Bloomberg yesterday reported the city of Detroit will have accumulated a deficit of $380 million by the end of June. The article quotes Bill Nowling, a spokesman for the Detroit Emergency Manager Kevyn Orr , as stating that “All the city’s revenue couldn’t pay off its debt in 20 years”.
I do not judge Detroit or it’s residents. I post this as a cautionary tale. Detroit was the fourth largest city in America and if it can happen there, it can happen anywhere.