Detroit' s bankruptcy what can we learn from it?

Overview:

Detroit a city once dubbed ' the Motor City' was once the 4 largest city in the United States the population has now fallen to 70,0000. The city suffers from high unemployment due to the result of the collapse of car and other industrial employment which has resulted in a population decline leaving vast areas of blight that the city is at present trying to remove. Detroit has also has high crime rates the population also has high rates of welfare and retiree claims for city pensions.

Bankruptcy of 2013.

In June 2013 the city of Detroit filed for bankruptcy under chapter nine of Federal law. The pension fund was found to be unfunded and taxes not collected plus the retiree pensions were putting a massive strain on the city's financing. An emergency plan was put together and passed by a federal Judge to stop the creditors from assets stripping to pay off the city's debts and come to an agreement with the creditors . In 2014 Detroit exists bankruptcy but still has huge debts to pay off. Their are concerns that pensions will cause problems in the future.

By the population decrease Detroit and Britain have something in common a pension crisis . Britain's ageing population is growing year by year Detroit's population has fallen but both have financial issues with pensions. Britain and Detroit once had heavy industry that created wealth this has mostly gone .

Detroit's bankruptcy had many factors but the city's pension schemes played a big part could our own pensions system end up bankrupting us or at least come to the point were the bill for it outstrippes the countries finances ?

By the population decrease Detroit and Britain have something in common a pension crisis . Britain's ageing population is growing year by year Detroit's population has fallen but both have financial issues with pensions. Britain and Detroit once had heavy industry that created wealth this has mostly gone .

 

Detroit's bankruptcy had many factors but the city's pension schemes played a big part could our own pensions system end up bankrupting us or at least come to the point were the bill for it outstrippes the countries finances ?

Scaremongering there. You can't compare a city the size of Sheffield to the UK. Detroit boomed on the car industry with its population growing eightfold to 2 million from 1900 to 1950. Then it collapsed with the car industry.

Nothing similar has happened with the UK. We are a diversified and growing economy and growing population.

You'd be better looking at UK towns and cities that have reinvented themselves after their traditional industries died. Some are prospering (Liverpool, Manchester, Leeds), some not (Birkenhead, Burnley).

Scaremongering there. You can't compare a city the size of Sheffield to the UK. Detroit boomed on the car industry with its population growing eightfold to 2 million from 1900 to 1950. Then it collapsed with the car industry.

 

Nothing similar has happened with the UK. We are a diversified and growing economy and growing population.[/QUOT

 

No scaremongering only facts the UK has a growing old age population the pension bill is getting bigger each year. Sheffield and Detroit have suffered industrial decline the only reason Sheffield population has not gone down is due to EU immigration as for growth depends who you believe.

the only reason Sheffield population has not gone down is due to EU immigration as for growth depends who you believe.

Not the only reason. Higher student population and decisions to stay after uni is another.

Scaremongering there. You can't compare a city the size of Sheffield to the UK. Detroit boomed on the car industry with its population growing eightfold to 2 million from 1900 to 1950. Then it collapsed with the car industry.

 

Nothing similar has happened with the UK. We are a diversified and growing economy and growing population.

seemed to disappear along with Leyland. I bought a new Mini in 1962 and loved it but it wasn't very reliable, nothing like the little Kia Rio I now own. The only British vehicles we see here now are the high end ones, Jaguar, Range Rover, et al. We see a heck of a lot of Audis.