Or, Voting With Their Wallets
No news here for my regular readers, but on the off chance that other morbid curiosity types happen along, let your Ostrich Killer make the Detroit bankruptcy simple to understand.
In 1907 or so the Detroit population broke through the 700,000 mark. It became the nation's 4th largest city. In 1960 or thereabouts it had the highest per capita income of any major metropolitan area in the US. Its population topped 1.8 million. Life was good.
Public sector unions negotiated for and got bigger pensions, better free health care, and more employees. The pensions were massive, and instead of putting actual money aside, Detroit put IOUs into those pensions. They didn't have the cash. Some took notice of this, and it troubled them.
Motor city unions - UAW and others - negotiated for and got similar, or better, contracts. And IOUs into their pension plans.
Taxes went up to try to find money to pay for public expenses, many of which were 'pet' projects. Bonds (IOUs) were sold.
Law enforcement became a target for expense-cutters. So did surface infrastructure. Unions continued to negotiate for, and get, ever better pension plans - or, more accurately, even more IOUs.
Intelligent people and successful entrepreneurs of any type living there saw the hand writing on the wall, and left with their bank accounts and businesses.
People with money saw the ever tightening grip Detroit was taking on their wallets, and they too left.
Today Detroit is below 700,000 population again. A 911 call average response time nationwide is 8 minutes. In Detroit it is 57 minutes. 40% of Detroit street lights don't work. These stats are directly from the governor's endorsement of the bankruptcy filing.
1.1 million people fled with their wallets and businesses.
Oh - those IOUs? Probably will be redeemed for pennies on the dollar, if at all.
This is a tragedy, but it can all be traced back to liberal policies. Tax x and spend 3x. Give-away programs. Unions and the cowardly businesses who refused to say NO to them.
Rush Limbaugh said it well: "the parasites outgrew their host."
Predictable. Stay tuned for Chicago, California, and many other historically liberal bastion cities and states. And when that happens, remember that your Ostrich Killer was not the first to predict it. All those people who voted with their wallets also predicted it.
Where do you live? Take a look around you. Think about your wallet. If you don't like what you see, then cast your eyes to states like those in the midwest. Texas. The Dakotas. South Carolina too. Other 'right to work' states. It's your wallet. Take care of it for your family's sake.
