… Mike Shedlock redirects our attention to the fact that only US income but not employment is rising. Not only is the change in income quite diverse and concentrated across the US population but it is also geographically diverse. Some areas gain while others loose (you guessed it largely the geographic gains/losses are correlated with the changes in inequality in the population as a whole)… Here is the sad case of Detroit – unlike Greece it does not have the option to exit a currency union and devalue…:

Please take a look at this link of a 360 degree photo tour of several spots in or around Detroit, including the abandoned Michigan Central Train station. Then there are the images of the Michigan Central Train depot courtesy of the Wall Street Journal article Less Than a Full-Service City

Shedlock has written about Detroit on several occasions:

• Detroit Mayor Plans to Halt Garbage Pickup, Police Patrols in 20% of City
• Detroit Bankruptcy Looms with Deficit of $446 Million in Budget of $1.6 Billion
• Detroit Heads For Bankruptcy; 50 Cities Must "Shrink to Survive"