For generations, Detroit was America’s stronghold. It was the country’s hub for auto manufacturing, where good hard work led to reward; a place where the American dream lived and thrived and was woven into the very fabric of the city.
Then, a 60-year period of steady decline. Decades of a shifting economy — an economy moving away from manufacturing — and other factors resulted in a shrunken population (from a peak of 1.86 million residents in 1950 to about 700,000 in 2012) and well-documented urban decay. At an estimated $18.5 billion in debt, the city of Detroit filed for Chapter 9 bankruptcy in 2013, the largest municipal bankruptcy in U.S. history. Read more…
via Mashable http://ift.tt/1wOCPM3