Facing an estimated $18 billion in debt, Detroit has become the largest
U.S. municipality to file for bankruptcy. It is a grim milestone in the
decline of what was once the country’s fourth largest city. Known as the
Motor City and the birthplace of the middle class, Detroit’s auto
industry and manufacturing sector have collapsed. A steady decline in
population has decimated its tax base, leaving the city with massive
cuts to basic services and one of the nation’s highest rates of violent
crime. The Chapter 9 bankruptcy filing has set off what could be a
prolonged legal battle with thousands of current and former city
employees entitled to pensions and medical benefits. Detroit’s unelected
Emergency Manager has said that cutting pensions will be vital to
restoring basic services that have shrunk with the decline of city
revenues over the years. We’re joined by Mark Binelli, author of
"Detroit City Is the Place to Be: The Afterlife of an American
Metropolis."
Video
Source: democracynow.org
Author: -
Video
Source: democracynow.org
Author: -
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