The City of Detroit, MI, declared bankruptcy on Thursday, with $18.5 billion in debt, and other US cities don't seem far off in this economy, regardless of how the Obama administration attempts to minimize the effects of massive spending, decreased capital and high unemployment.

In recent months, the city has relied on state-backed bond money to meet payroll for its 10,000 employees, reported FoxNews.com.

There is a big problem for Detroit, however, besides the bankruptcy filing. Circui...