The city of Detroit, now famous as an economic disaster, began its decline when it lost jobs. This was accompanied by a loss of population, a rapid rise in poverty, increasing dependence upon federal entitlement programs and an unstoppable downward economic spiral.
Puerto Rico is now undergoing an economic collapse sparked not by population loss but by excessive government spending. Chicago is in the same situation. Government overspending and over taxation comes first, population loss follows.
Chicago is technically bankrupt. Its expenditures have exceeded its receipts for about ten years. All big rust belt cities in the Midwest, East, and Northeast have been losing population since 1950. Detroit’s population has dropped from 1.85 million to 800,000.
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