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.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.
Stock market-inspired cocktails!
Donate any amount to get our “Stonktail” recipes.