The city of Detroit filed for the largest municipal bankruptcy in U.S. history due to a steep population and income tax declines which sent it tumbling toward insolvency. The filing by a state-appointed emergency manager means that if the bankruptcy filing is approved, city assets could be be liquidated to satisfy demands for payment.
It's a great tragedy. Detroit is the home of the Big Three automakers, General Motors, Chrysler, and Ford. Detroit used to be one of the most prosperous cities in America. Back in the early 1910's many blacks would migrate to Detroit in search for jobs. Consequently, Detroit is no longer the economic hub it once was. With the decline in auto manufacturing in the last several years and with thousands of jobs lost, Detroit has lost much of their tax base. Detroit today is more known for its crime rate and its citizens on welfare than it is as a place to find a job. It's tragic.
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