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How did Detroit fall into the abyss?

from Fox News:

The bankruptcy filing for Detroit marks a final step in the chrome-plated city’s decades-long decline – which started with the country’s overall manufacturing slowdown and continued with the departure of U.S. automakers and residents, leaving behind a sprawling city trying to survive on dwindling coffers.

Detroit was in the 1950s a worldwide hub of auto manufacturing, making it the fourth-largest U.S. city with one of the country’s highest per-capita incomes.

However, the so-called Motor City’s decline started soon after with residents — following their counterparts in other U.S. cities – starting to move to the suburbs and take with them businesses, jobs and tax dollars.

Historians argue the deadly 1967 riot in Detroit, one of the many so-called “race riots” across the country in the 1960s, accelerated the trend.

Read More @ FoxNews.com

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1 comment to How did Detroit fall into the abyss?

  • Suzanne

    I’m betting there are $billions in a CAFR account that nobody but the corrupt politicians know about… I’ll bet the insiders will divvy the CAFR account up before the state or feds get to bail out the city.
    Around 30 or 40 years back a lot of municipalities and counties started diversifying to get income from investments instead of strictly from taxes. This is where the CAFR accounts come from.
    Worth checking on.

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