Newburgh artists eager to welcome Open Studios weekend [THR]
Feds fund four more cops for Newburgh [Mid Hudson News]
Millennials Love Transit Most, Boomers Still Stuck on Cars [City Lab]
#WorldDreamDay Inventer Shares her Story [Happy Hudson Valley]
New cafe coming to Newburgh [THR]
EPA ready to remove Newburgh site from hazardous-site list [THR]
Detroit’s first white mayor in 40 years talks abandoned housing, streetlights, and gentrification [City Lab]
A Sweet Statement of Deco in Newburgh [Mindful Walker]
Add your own photos depicting city life to the Newburgh Restoration flickr pool to be used on the blog, or email me. **Flickr users please do not forgot to remove disabling of downloading of pictures. Otherwise I can’t use them*
Keeping it real about Detroit…
Detroit went bankrupt after decades of spending without accountability running parallel with a declining economy. Tax revenues were seen as a money tree to be shaken endlessly to support unrealistic promises,cronyism and corruption. Bankruptcy didn’t happen over night, in fact, it’s actualization didn’t occur until all financial positions were hedged accordingly. Billions were lost, but billions were profited by the counter party risk holders. That’s how it works.
As per Mayor Duggan’s meme…
-“I never go asking for money.”
True, it’s just taken from a bigger pool of state and federal taxpayers, forcing Detroit pensioners and muni-bondholders to take a haircut recovery of 40% and 20% on the dollar respectively.
-“The entrepreneurs are showing up on their own.”
True, they’re just from China, to the tune of $100 bil to date.
-“There are 20- and 30-somethings coming back from New York and D.C. into jobs in the administration that have an impact.”
True and for good reason, Senate Bill 2726 will “forgive” young government employees of their student loan debt. The crossroad at Dockery’s plantation comes to mind.
-“Come hang out with me in any neighborhood in this city right now and you can see it (gentrification) being addressed very aggressively.”
True, several state and federal immigration plans were created to expedite visa/permits to bring 50,000 immigrants into Detroit. China is literally buying Detroit.
-“We have to improve the quality of life in those neighborhoods and we’re working aggressively on it.”
True, in August ’14 half of Detroit’s 170,000 water customers had their taps shut off because of overdue water accounts. Ironically, that same week the federal government floated a $1 bil. loan to Ukraine for it’s overdue natural gas bill.
-“The jobs are moving back.”…”They’re going to invest where they think they’re going to have the most impact on the mission.”
True, just not to Detroit. 09/2014 Bridgewater Interiors, a Detroit based auto supplier laid off 250 employees ; 09/2014 Cadillac moves its headquarters to NYC; 08/2014 Kmart closes two more stores in Detroit;08/2014 Detroit Metro Airport laid off 135 employees; 05/2014 Caraco Pharmaceutical closed its Detroit plant;etc…
In essence… ‘meet the new boss, same as the old boss’ as we all now own a piece of the motor city.
Detroit’s bankruptcy (cause,process,effect) is an alpha test for municipalities across the U.S.. It’s something to remember as Newburgh’s 2015 budget comes together.
http://detroitbankruptmovie.com/135-2/
http://www.governing.com/news/headlines/Moodys-Largest-Pensions-Face-2-Trillion-Hole.html
…thanks again for the reads Cher