In response to:

In Four More Years We'll Be Detroit

Pistol Wrote: Nov 17, 2012 7:44 PM
There are at least 2 ways out. One is some cataclysmic event that makes us the world's factory, like WWII did. Going back to a positive trade surplus of hundreds of billions of dollars would put us back to the days when Ike balanced the budget. Another is a period in which we live within our means, where the government spends only what it can collect in revenue, and in which tax rates are at the balance point on the Laffer curve where the optimized combination of tax rates and economic activity produces maximum revenues. I doubt i will ever see either one.
traderjim7 Wrote: Nov 20, 2012 1:04 AM
WW2 did not make us ethe world's factory. We began the journey to becoming the world's factory when our nation was founded. We were lucky to have the resourses and factories to be the world's factory during WW2. We began our decline when we started to give our jobs away to other countries, and import more of our consumables (oil, autos, clothing).

From one moment to the next the city of Detroit doesn’t know where its next bailout is coming from. Chronically unable to pay its bills, the city looks to the state for cash gifts to stave off default. Operating under the terms of a consent agreement hammered out with the state, Detroit faces fiscal uncertainty largely because it has failed to get adequate concessions from public employee unions that are unsustainable. And those concessions that they have wrested from unions, politicians in Detroit have been unwilling to enforce.     

One prominent Detroit attorney, however, is facing the future of the Motor...

Related Tags: detroit