It’s the largest city to file for bankruptcy, that’s where a person, company, in this case, a city does not have enough money to pay its debt. The financial crisis hit Detroit and its auto industry hard.People moved away. Businesses left town. It all added up to less money for the city’s government. By declaring bankruptcy, Detroit can restructure its budget.That could mean cuts for current and retired city employees.
I did everything I could. I did my part of bargain.And now this is their part of bargain.” Promises made to city workers, now those promises can’t be kept because Detroit is more than 18 billion dollars in debt.
We paid for /, wages every year, answer that. So sad something hasn’t been given to us. It’s our money.
Detroit’s emergency manager Kevin filed for bankruptcy and he’s proposed cutting the city’s debt by 83%.That would hit city workers and retirees.
This is likely that there gonna have to see some sort of concessions made, right?
There, there is going have to be some sort of concession.This is reality.
Government officials say it’s gotten this bad.78,000 abandoned buildings, 40% of street lights don’t work, and average police response time is 58 minutes.
You called the police now. You wonder if they’re coming.
Michael W J works for the Detroit Public Library for more than 30 years.
What do you think this bankruptcy means for you?
Well, I think it’s gonna possibly mean a reduction in my monthly pension check.
I believe at this point that would mean I would lose my home.
They are willing to take cuts if the city improves.
If I’ve given up something, ok,and I now have a police department effective response on a 911 call again; if I have EMS when I am having an emergency; if the lights are turned on in the city.But if it’s simply to pay off the bank holders and insurance, and all these other issues are still there, then not only has my city not improved but I’m gone down further as well.
What will happen if we didn’t declare bankruptcy?The trail will continue to go down hell and down hell to what point? So while people say this will probably be the loss of Detroit in history? Isn’t that a good thing instead to have a lower day tomorrow?
And now, Detroit not only faces the stigma of bankruptcy but also millions and millions in legal fees in order to exit bankruptcy. There is one thing that everyone hopes and that is there’s a brighter future ahead for the motor city.