detroit declares bankruptcy, page-14

The collapse of manufacturing and especially the auto industry has decimated Detroit, this large metropolis has had its population steadily decrease. The city is physically quite large but with the decrease in its population it has not been able to sustain the cost of maintaining a city that was once the 10th largest in America.

The GFC finally smashed the city thankfully in Australia under the Labor government the stimulus packages such as buildings for schools prgram saved our bacon.

The same stimulus program that the Liberals vehemently opposed. With the retroscope on we now know in hindsight with 100% clarity that the Liberals opposition to stimulus would have been a devastating mistake.

Australia would have entered s recession with massive job losses and a collapsed housing market. We dodged a bullet when the Liberals were defeated in the polls and now enjoy a thriple A rated credit rating from the 3 major firms.

The first time in Australias history this was achieved and of coarse not the best Liberal government or their most prominent treasurer was able to achieve this or gain status as the worlds best treasurer during their time like the Labor government has achieved with economic management.


Thankfully we had an adult Government in place and avoided the fate of places like Portugal, Italy, Greece, Spain and cities like Detroit.

some wiki facts.

Between 2000 and 2010, Detroits population fell by 25%, from the nation's 10th largest city to 18th. In 2010, the city had a population of 713,777, more than a 60% drop down from a peak population of over 1.8 million at the 1950 census, indicating a serious and long-running decline of Detroit's economic strength

Regards RM