Detroit has worn many titles. Motor City. Motown. Now it’s adding another: the largest municipal bankruptcy filing in U.S. history.
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.
Chris Low, chief economist with FTN Financial, joins Marketplace Morning Report host David Brancaccio to explain how Detroit’s bankruptcy will impact each and every state around the country.
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.