Another great blog from Bruce.
Detroit’s decline has been well chronicled. The city that was a post-war economic engine of nearly 1.9 million people in 1950 has steadily lost its position and is now unable to pay its bills. The city limits of 139 square miles exceeds the combined area of San Francisco (47), Boston (48) and Long Beach (50) yet its population is a little more than a third, having dwindled to approximately 700,000. Unemployment is 18%. Fifteen percent of the city’s land parcels are empty and there are 70,000 – 80,000 vacant buildings. The gambling taxes from the casinos exceed property tax revenues.
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