Economic Education

Or maybe I should have labelled this "Election 2012" as this goes directly to the reasons why Obama was voted back into office ...

A Detroit council member has voiced not only on public record but ON VIDEO - which has gone viral -

" ... After the election of Jimmy Carter - the Honarable Colemen Andrew Young, he went to Washington DC, he came back home with some bacon. That's what you do - that's what you do - our people in an overwhelming way supported the reelection of this president, and there should also be a quid-pro-quo, and you also exercise leadership on that - of course not just that - but why NOT?"
Joann Watson
Detroit Councilwoman

So what "BACON" is she speaking about?

A BAILOUT FOR THE CITY

The City of Detroit:
➡ voted 75% for Obama
🏧$47 Million = Dtroit deficit for FY2013
😳 18.1% = Detroit unemployment rate
😳 9% = MI unemployment rte
🏧 $18 Milliom = tax revenue LOST by Detroit In OCTOBER ALONE
👵 $300 Million = retiree benefits Detroit will pay in 2012-2013
🚙 1/4 of population lost over past decade

So who is next?

CA overwhelmingly voted for Obama, cities going bankrupt
IL: $233pension liability which it can't pay

In 2011, 13 cities/counties/other government entities filed for bankruptcy = highest in 20 years

1/4 of all government bankruptcies of the last 30 years came AFTER 2008

Stockton, CA largest US city to seek bankruptcy protection in June 2012

Predictions are that pressure will be brought on the white house by public UNIONS for bailouts since if these cities declare bankruptcy, union members can not collect retirement benefits ... But while this likely includes EMS workers (police/fire) it also counts city clerical workers, street crews, garbage collectors, etc. as well as - big surprise - city council members! (at least in cities where members get paid)

While we all might feel sorry for these cities - there is no reason why a small town like mine should have to pay to bailout Detroit just because they felt the need to overspend ... While their population dropped, there spending continued to raise!

Actually the issues can be traced well into the 1940s when worker unions held the cities "hostage" during WW2 and the era just afterwards - the lack of population who would have taken the place of striking workers just wasn't there.

I think when common people think of "union" they think of the days of Norma Rae where workers worked without any healthcare ... In unsafe work conditions ... Being fired just because someone younger/cheaper came along ... But that's not the way it is anymore ... Now unions have made it so that most businesses can't even fire someone for the most blatant reasons ...

I could give a personal example but that would take us off on a tangent