Detroit: Just how bad is it?
The skyline of Detroit's downtown.
And this final note, as we reported on today's show, the city of Detroit has filed for bankruptcy -- the biggest municipal default in U.S. history.
Just to give you an idea of things:
- 700,000 people live in Detroit today -- less than half the city's population in 1950.
- The unemployment rate is now above 18 percent.
- Less than half of Detroit residents over the age of 16 are working.
- Per capita income is just over $15,000 per year.
- And though it's still called the Motor City, there is only one auto plant currently operating in the city.