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Detroit first... Who's next for US City bankruptcy... Chicago?
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July 21st, 2013
This study “An exodus of people and money” on Illinois seems to point to many of the same elements that Detroit suffered before filing the largest bankruptcy in US history.
There are many factors contributing to Illinois exodus. Weather, tax burden (especially estate tax), population density, but page 6 of 17 specifically notes Illinois Union membership at 18%. Much of the population is leaving for neighboring states with Union membership at 10%. Illinois housing costs are $10G higher per year than other states.
“Illinois lost a net of 1,227,347 residentsto other states between 1991 and 2009,or slightly more than one resident (1.22)every 10 minutes.”
Were there to be another US City file bankruptcy, who, other than Chicago would you think to be next?
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