A task force in Detroit has called for immediately tearing down 10 percent of all buildings within city limits. The city of Detroit has hit it’s all time low and is almost completely unsustainable. This year alone in Wayne County, more than 56,000 properties have been foreclosed. An additional 75,000 are to be added to that list in 2015. We are talking about Detroit, the once great motor city, the manufacturing epicenter, the city that had the highest per capita income in the entire country. Now it is a city undergoing the nation’s largest bankruptcy trial, shutting off water to its residents and tearing down its’ own buildings. What happened?
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Although our economy is facing many threats nowadays such as lack of jobs, a manufacturing base that is decimated, a tax system that is out-dated, and political leaders who’s best interest isn’t in the U.S., another dangerous threat to our economy is student loans. According to USA Today, one of the biggest threats to our economy is student loans. There is over $1.2 trillion of student loan debt currently owed. What used to be thought of as prestigious is now being considered as a toxic asset. Student loan debt is soaring as the rising generation is diving head first into an era where young adults are unable to save and invest their money. This isn’t only taking a toll on their personal lives, but it is causing long-term harm to America’s economy.
For the past couple of months, the city of Detroit has been undergoing the nation’s largest bankruptcy trial in history. A date has been set for Judge Steven Rhodes to decide Detroit’s fate. On Nov. 7, we will witness either the rise of the motor city, or the ultimate end of it. The ruling will be either an up or down ruling. Judge Rhodes is not allowed to choose parts he likes and eliminate others. If approved, billions of dollars in debt would be wiped out and would give Detroit one more opportunity to get back on it’s feet. However, many are left with a puzzling question. Just how exactly did Detroit get to this rock bottom point?
Wage statistics for 2013 has just been released by the Social Security Administration and the numbers are alarming. In 2013, 50 percent of Americans made less than $28,031 and 39 percent of American workers made less than $20,000. These numbers are shocking. A even bigger number illustrates an even bigger threat to our economy: 72 percent of American workers made less than $50,000 a year. How are families making it by with the cost of living rising every year? The jobs that have been creating since the recession pay 23 percent less than the jobs that were lost. It has been estimated that to support a family of four, roughly $50,000 a year is needed. So just how is 72 percent of American getting by?
For almost four decades the U.S. has had a trade deficit with foreign nations. The U.S. trade deficit has caused millions of Americans to lose their jobs, it has devastated our manufacturing sector, and destroyed the American dream. In 2012, the U.S. bought $741 billion more goods than it sold.