To the Point
Detroit Becomes Biggest Municipal Bankruptcy in US History
Detroit , one of America's iconic cities — former capital of the auto industry and soul music's Motown Sound — has been in trouble for 60 years. Now, once America's fourth largest city -- with just 40% of its peak population, a shadow of its former self and $18 billion in debt — it is the biggest American city ever to declare bankruptcy.
By Warren Olney • • 1 min readDetroit, one of America's iconic cities — former capital of the auto industry and soul music's Motown Sound — has been in trouble for 60 years. Now, once America's fourth largest city -- with just 40% of its peak population, a shadow of its former self and $18 billion in debt — it is the biggest American city ever to declare bankruptcy. What will yesterday's action mean for residents, city workers and retirees? What more will it take for Detroit to get a "fresh start?"
