Thursday, October 24, 2013

Staggering: What Runaway Retirement Benefits Have Done to Detroit, Statistics

On Detroit from Reuters. Staggering:
  • More than one-third of the city's residents live below the government poverty line
  • There are some 78,000 abandoned structures 
  • Just 40 percent of the street lights work
  • The population has shrunk to less than 700,000, from a peak of 1.8 million in 1950
  • Only 53 percent of property owners paid their 2011 property taxes 
  • Half of the city's liabilities stem from retirement benefits, including $5.7 billion for healthcare and other obligations, and $3.5 billion involving pensions