I heard this morning that the population of detroit is 700,000 people. That means that every man, woman and child in that city currently owes, on behalf of the city, $25,715.
Which is $25,714 more than the equity many of them have in their homes, even owning them free and clear.
This will not end well.
I have read that a good percentage of people in Detroit don’t feel the need to pay property taxes and haven’t done so for years (which to most Americans, is positively mind-blowing, because just about anywhere else, your stuff would be in the street within six months). The unions are complaining that Detroit can’t go bankrupt because these taxes are owed. I don’t know about you, but I’m popping some popcorn!