What’s happening in Detroit?

Detroit’s Emergency Manger Kevin Orr talking about the city of Detroit’s bankruptcy situation.

Reading the BBC website this morning, “About $9bn of Detroit’s ($18bn) debt is owed to the pension funds and retiree healthcare benefits of the city’s 10,000 workers and 20,000 retirees.”

I saw this video last year some time and I wonder if Walter Burien could shed some light on if there are any pots of money Kevin could benefit from knowing about?

Watch his taster video and visit his website CAFR1 (Capitalised Annual Financial Report)

Please comment below if you can shed some light on what’s happening in the world… especially if you understand finances and can explain it to the common man & woman.

I asked Walter directly how he could best help Kevin and he sent me this link…

Thank you.

Jon

2 thoughts on “What’s happening in Detroit?

  1. This piece is rather long and confusing.
    I get the bit about the city being spread over 140 sq miles and having 60,000 abandoned buildings; was it ever a good idea to put so many people in one place?
    What is the point of running a City Council to serve all those people that can run up a deficit like 20 BILLION$.
    As was hinted at , but not explained- Didn’t anyone see this coming, and if not why not ?
    Finally, is not the cause of this due to attempts to tax the poor rather than the rich businesses ?
    The rich should pay the poor very well to stay on the farms and grow the food (and nice weed).

    Like

  2. Economy declines => less income + more outgoings (for benefits)

    I fear it could happen here also, if the recovery(s) do not work.

    Like

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