Liz Harrison did a great job of documenting why Detroit filed bankruptcy. She says, “Detroit has been in a state of decline for many years, primarily due to residents and businesses moving out of the city – migration to the suburbs. To make up for shortfalls in revenue, the city has been borrowing not only […]
Tag: "bail out"
In terms of national debt as a percentage of Gross Domestic Product (GDP), the answer is “YES!” How, you ask, do I arrive at that answer? Well, let’s examine the debt as a percentage of GDP in Portugal, Ireland, Greece, and Spain (PIGS), as well as in the US. First, let’s examine the debt as […]