In Detroit, Michigan its getting a little colder because they just filed for Chapter 9 bankruptcy, making it one of the largest cities to ever file for bankruptcy in U.S. history. It all started back when Mayor Coleman Young’s administration (1974-1993) raised concerns about a possible bankruptcy, when the city was already in deep debt and struggling with a budget deficit.
Over the years their debt accumulated from Detroit’s population going from 770,000 to 713,777 a 25% decline from 2000 and a risk of losing key tax revenue sources. Detroit projected a cash fall of $150 million by the end of March 2012, and so many other problems Detroit has we can’t even keep up.
In the meantime enjoy this video by T-Baby