1974 Plymouth Valiant - 2013 Dodge Dart - 2013 Chrysler 300C
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Detroit: bankrupt
Today, Detroit became the largest American city to file for bankruptcy, a rare occurence. Despite attempts to fix the city’s finances and some success in attracting new businesses, a declining industrial base, high crime in some areas, fixed expenses, and allegedly rampant corruption have all brought large deficits. The move was made by the city’s emergency manager, Kevin Orr, appointed by Governor Rick Snyder, to deal with $2.5 billion in unsecured debt and a deficit estimated at $380 million; Orr claimed that total long term debt was likely over $17 billion.
Today, Detroit became the largest American city to file for bankruptcy, a rare occurence. Despite attempts to fix the city’s finances and some success in attracting new businesses, a declining industrial base, high crime in some areas, fixed expenses, and allegedly rampant corruption have all brought large deficits. The move was made by the city’s emergency manager, Kevin Orr, appointed by Governor Rick Snyder, to deal with $2.5 billion in unsecured debt and a deficit estimated at $380 million; Orr claimed that total long term debt was likely over $17 billion.