The housing market? Dead. The automobile market? Bailed out. More than 680,000 resident? And dropping fast. The mayor? In prison. The planet’s most popular rapper from this place? Off the market (again). The city? Legally bankrupt.
This is your Detroit, America, and it is about to close shop and file Chapter 9 protection, becoming the largest U.S. city to accomplish such a feat. Bravo?
Thanks to Judge Steven W. Rhodes, Detroit has been ruled insolvent — broke as hell, in layman’s terms — because the 18th largest U.S. city can’t pay its debts, as in an ironic $18 billion. Public pensions will be reduced. Some debt will be paid off … eventually. Essential city services will be restored to (and this is a quote from the Judge) “tolerable.”
That’s the hope and prayer that has befallen this once great city. Question: Is this a job for PR?