Detroit Files for Chapter 9 Bankruptcy as presented by: GigaPica

The city of Detroit, saddled with billions of dollars in debt, filed for bankruptcy protection on 18 July 2013, the latest step in the death spiral of a American city that is the traditional home to the US auto industry. Detroit has a population of about 700,000, ranking it 18th-largest in the US. It was once the fourth-largest city in the US with a population of two million. Its collapse comes despite a multi billion dollar bail-outs the Obama administration invested in Motor City since 2008. The Motown music died years ago, then the car industry collapsed, and now the whole city puts up a 'Closed for business' sign. People wait in a several block line to receive gifts of food, personal care, household items and toys at the A Miracle in Motown event, part of the nationwide program to help working poor and disadvantaged families December 18, 2008 in Detroit, Michigan. About 5,000 families are expected to receive enough food at the event to supplement meals for a family of four for a week. A Miracle in Motown is sponsored by The National Basketball Players Association (NBPA) along with Feed The Children, Great Redeemer Christian Church and The Bing Group. An estimated one in three Detroiters lives in poverty, making the city the poorest large city in America.


view Detroit Files for Chapter 9 Bankruptcy as presented by: GigaPica

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