pull down to refresh

42 sats \ 8 replies \ @Satosora 30 Jul \ parent \ on: Texas Manufacturing Slump Deepens in July econ
I know, but it stuck around. A few of my friends ended up taking a position at hospitals around there.
write
preview
20 sats \ 7 replies \ @Undisciplined 30 Jul
It's called a "financial death spiral". As their unfunded liabilities come do, they'll have to raise taxes, which will cause more people to move away, further reducing their revenue.
That's exactly what happened to Detroit and several other cities in Michigan. The big difference is that Michigan is better managed at the state level than Illinois, so they were able to get through it.
reply
21 sats \ 6 replies \ @Satosora 30 Jul
Unfunded liabilities, are those the mature pensions? Detroit took a big hit for a few years, but they are picking themselves up.
reply
20 sats \ 5 replies \ @Undisciplined 30 Jul
I think it's mostly pensions, but also some bond obligations.
Yeah, Detroit's rebounding. It had also been declining since the 60's so it's not likely to get back to where it had been. Eventually, people get through economic downturns. I'm not expecting anywhere to turn into Thunderdome.
reply
21 sats \ 4 replies \ @Satosora 30 Jul
Thunderdome? Mad max reference? They had a big economy based on building cars for the longest times. Do any car manufactures still make cars in detroit?
reply
20 sats \ 3 replies \ @Undisciplined 30 Jul
I think so, but I'm not sure. It's definitely much less than before.
reply
21 sats \ 2 replies \ @Satosora 30 Jul
Yeah, its a lot less. Tesla is in Texas and Cali, right?
reply
20 sats \ 1 reply \ @Undisciplined 30 Jul
I heard that Tesla's moving to TX, so I imagine they'll be in both states until that move is complete.
reply
68 sats \ 0 replies \ @Satosora 30 Jul
Right. Too bad Detroit didnt get them to move there.
reply on another page