Tuesday, May 24, 2011

How the Rich have fallen.

Here is an article I found talking about Troy Michigan. The city must cut $22m in expenses in order to balance the budget.

This may sound like a broken record but for those of you who are aware, Troy is one of the richest parts of Michigan. With a median family income of over $90,000 a year, how could this city be in such trouble.

After reading I wonder just how likely Troy is to receive an emergency manager if they are unable to balance the budget for this year and the future.


http://www.nytimes.com/2011/05/19/us/19questions.html?_r=1&scp=1&sq=michigan+poverty&st=nyt

8 comments:

  1. I don't think they will receive an emergency manager. The problem though lies within what the current manager of the city said in the article, when he states that, "The problem is there are an inordinate number of tax fighters here in Troy."

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  2. I have a lot of friends who live in Troy and their families have been thinking about moving to different metro-Detroit cities because Troy has been struggling. This is really unfortunate because Troy has one of the strongest public school districts in the area. It'd be a shame to see people leave because the city can't balance its budget. Increasing the educational benefits to the population is absolutely dependent on economic sensibility. If taxpayers leave the city because of unsustainable finances, the quality of public school is going to suffer.

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  3. I love it. The citizens of Troy are so against taxation that they'd rather relocate or live with a smaller police force or a library. Troy could increase its utility by taxing the rich in order to give to the rich.

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  4. That's what I had in mind too, Laura, that they would rather relocate. Mark made a great point too.

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  5. I feel like the problem of being anti-taxes is not unique to Troy. The culture of our country is to be against taxes and tax raises and it is hurting everyone.

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  6. It's the nature of suburbs - theres no connection to place, so as soon as debts become due and the city hits a remotely hard time people just move to the next greenfield.

    That said, Troy won't get an emergency manager. Snyder likes rich people.

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  7. It is interesting to know how people are so anti taxes that they had rather risk crime than pay more taxes.

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