0

PODCAST: Detroit bankruptcy either a disease or cure

How will Detroit pay back its debt?

Detroit has worn many titles. Motor City. Motown. Now it's adding another: the largest municipal bankruptcy filing in U.S. history. Detroit's emergency manager Kevyn Orr is promising city services will continue, but cutbacks have been coming for years. For example, two of every five streetlights are out in what was once America's fourth largest city. The Chapter 9 filing means Detroit will have extra trouble borrowing deep into the future. The bankruptcy could jeapardize city assets and union contracts. People retired from government jobs are watching to see what happens with pensions. 

Residents and small businesses are still trying to sort out what the bankruptcy announcement means. One of them is Ben Hall, owner of the Russell Street Deli in Detroit's Eastern Market district.

And, Vanderbilt still has the poorest attendance record in the Southeastern Conference even though it’s coming off its best season in a century.

About the author

David Brancaccio is the host of Marketplace Morning Report. Follow David on Twitter @DavidBrancaccio
Log in to post0 Comments
With Generous Support From...