A federal judge's ruling allowing Detroit to proceed with its bankruptcy — the largest municipal bust ever — is the "best decision possible" for the Motor City, says Charles Payne, a Fox Business Network host and analyst.
"The town . . . not having to pay those lavish pension promises, frees up this city to start new. And it will start to attract businesses," Payne told "The Steve Malzberg Show" on Newsmax TV.
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"It's not going to be something that happens overnight, but the . . . Chinese are already in there buying hand over fist. They've bought about $10 million worth of real estate just in the last few months alone. So, it's good news," he said Wednesday.
"There's no doubt that there are people who've retired there who promises were made to . . . By the same token, there's no doubt that there was this relationship between powerful unions and politicians.''
Payne says Detroit was once called the "Paris of the West . . . It was just absolutely amazing."
Commenting on improvement in the U.S. job market, with payroll processor ADP reporting 215,000 new positions in November, Payne said that while the figure is welcome, it is mediocre.
"We've learned to celebrate mediocrity. I mean we're being told as a country that our goal should be to climb out of the lower part of the economy into the lower part of the middle class," Payne said.
"I will say the silver lining is it's gotten a lot better since August. In August it was 151,000 jobs, but 215,000 jobs at this stage of the so-called recovery, heck, a year ago, November's number was 276,000 jobs.
"So, it's one of these things where you try to make the most of it, you can pick out a silver lining here and there, but it's nowhere near where we should or could be as a country."
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