Detroit residents on bankruptcy: Don’t forget about us

Kai Ryssdal Jul 19, 2013
HTML EMBED:
COPY

Detroit residents on bankruptcy: Don’t forget about us

Kai Ryssdal Jul 19, 2013
HTML EMBED:
COPY

City workers and politicians and budget analysts in Detroit know the numbers behind the largest municipal bankruptcy in U.S. history.

The city owes $20 billion in long term debt, to just about 100,000 different creditors.

But the residents of Detroit — the people living the impacts of the bankruptcy — have their own thoughts.

Charlie LeDuff is a reporter who grew up in Detroit. He told Marketplace Host Kai Ryssdal that the mood isn’t so great in his hometown city.

“If you’re a retiree from the municipality, you’re a cop, a fireman, anybody earning a pension now, you’re screwed,” LeDuff says. And even though Detroit’s restoration could take years, LeDuff hasn’t given up all hope. “If you could say it poetically, Detroit is a town built by the little man. Where is his future? That’s the true question. “

LeDuff says that even though the city may face some tough times, he’ll stick it out in the city he grew up in.

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.