Time: "Detriot's Beautiful Horrible Decline. Two French photographers immortalize the remains of the motor city on film"
Beautiful, but sad photos.
It is a stark reminder of the long-term effect of corrupt unions, taxes, and heavy regulation on business. Companies either moved out of state, move out of country, or went out of business.
If companies priced in the cost of taxes, regulation, unions, they would not be competitive with products made in Tennessee. Why would a consumer buy the widget made in Detriot for $100, when he could buy the one made in Tennesse for $80?
Even if they could lower prices and break-even, investors would flee. Who's going to invest in a company whose projected rate of return in 0%, when safe T-bills pays at least 4%? How would they raise capital or get loans?
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