This brings me no joy. I went to grad school in Detroit. I like this city. It has character, it has guts, it has potential.
It also has no cash to continue operations. And that sucks.
Detroit filed for chapter 9 bankruptcy a few hours ago.
There are many reasons for this, but there are a number of specific ones, that are generalizable to businesses as well.
First, population decline has led to a tax revenue decline. Detroit is no longer a large US city. Population is hovering just over 700k people, and dropping rapidly. Fewer people means smaller tax base. One may argue about the collection efficiency (low) and other issues, but the point is that to collect a fixed/growing tax revenue amount from a smaller group of people means you raise their tax rates. Detroit has not been in a position to absorb tax rate increases in several decades.
As seen here. I enjoy developing code in Perl. I know, I know, its “the write only language” and “looks like line noise”. It has endured some rather nasty FUD in its day, and yet, it keeps on growing in use. It is just an incredibly powerful, quite expressive language. One which enables you to … Read moreA cri de couer for Perl