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.
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