Detroit could leave state's financial oversight by 2017. Detroit Mayor Mike Duggan told the City Council today that the city’s 2016-17 financial plan would mark the third straight year of balanced budgets, clearing the way for Detroit to come out of state oversight in 2017 — even with a $490-million hole in pension funding the city must begin to address.
Detroit will end the current fiscal year with a surplus of at least $30 million on its $1.077-billion general fund budget, Duggan and the city’s chief financial officer, John Hill, told the council this morning in the administration’s presentation of the budget. Detroit could leave state's financial oversight by 2017. Free tuition for Detroiters to add 4-year universities. A program that provides two years of free college tuition for Detroit residents has been expanded to cover four years of education for students with good grades.
Officials said today that the Detroit Promise program has grown to make the city the largest in the U.S. to give all its students a chance to earn a college degree tuition-free. “The Detroit Promise is changing lives,” Mayor Mike Duggan said in a news release. “This program is one of the most significant ways we are removing barriers to opportunity for young Detroiters so they can realize their full potential in life without the burden of student debt.”
Low jobless rate, so where are the jobs? By some measures, Michigan's economy hums along nicely.
The state's unemployment rate dropped to 4.9% in January, the lowest rate since 2001. So what explains the veil of anxiety, even pessimism, that hangs over the state and its economic outlook? Why did so many Michiganders turn out in record numbers last week to vote for outsider candidates Donald Trump and Sen. Bernie Sanders and a message of economic revolution? Toyota's per-car profits lap Detroit's Big 3 automakers. Despite the boom in the U.S. automotive industry, Toyota Motor Corp. earns more in a year than Detroit's Big Three automakers combined.
That doesn't tell the full story: When average earnings per vehicle are calculated, the Japanese automaker makes more than four times per car than General Motors Co. Detroit auto companies are arguably the healthiest they've been in decades. GM, Ford Motor Co. and Fiat Chrysler Automobiles NV are profitable, adding jobs and creating the most advanced cars in history. But they trail Toyota significantly in overall financial performance. Even though they all reported strong 2014 earnings — $6.5 billion for GM, $6.3 billion for Ford, $3.9 billion for Fiat Chrysler before interest and taxes — Toyota this month raised its outlook to 2.92 trillion yen (about $24.5 billion) for the fiscal year ending March 31. In ‘Janesville,’ When the G.M. Plant Closed, Havoc ... JPMorgan Chase Commits Over $1.3 Million to Increase Skills Training and Job Growth in Detroit.
September 27, 2016 (Detroit, MI) – JPMorgan Chase & Co. is investing over $1.3 million to increase the number of Detroiters receiving skills training for in-demand jobs and to strengthen partnerships between job seekers, local employers and training providers, the firm announced today.
As part of JPMorgan Chase’s $100 million commitment to the city’s economic recovery, the new grants will support the Detroit Employment Solutions Corporation, United Way for Southeastern Michigan and Corporation for a Skilled Workforce (CSW). Specifically, the investments will create an innovative and new leadership development academy for local workforce professionals, improve connections between Detroiters and existing job openings in growing local industries and address the skills mismatch between local employers and job seekers.
Earlier this year, JPMorgan Chase and CSW released a series of reports that examined ways to strengthen Detroit’s workforce systems. About JPMorgan Chase JPMorgan Chase & Co. How Detroit Went Bottom-Up. In the spring of 2005, David Stockman at last reaped the reward of the monopolist.
Stockman, who once served as Ronald Reagan's budget director, spent two decades on Wall Street preparing for this moment. After stints at Salomon Brothers and the Blackstone Group, Stockman in 1999 set up his own private investment fund, Heartland Industrial Partners. He then used Heartland to shape a set of companies -- mainly in the automotive sector -- each dedicated to dominating a particular group of production activities. Of all Stockman's efforts, his most audacious centered on a firm named Collins & Aikman. Stockman used C&A as a vehicle to buy up small producers of interior components like dashboards and seats, and he swiftly captured a position supplying parts to more than 90 percent of all cars built in America.
The numbers behind Detroit's jobs crisis. Detroit has made great progress toward addressing the needs of its residents in the last few years.
However, one of the city’s most important challenges remains: rebuilding the city’s workforce. The crux of this challenge is that there are too few jobs in the city for its residents and too many barriers to employment. Improving economic conditions have led to a net gain of over 7,900 residents employed since January 2014. But many Detroiters continue to struggle to access meaningful employment that allows them to support their families and their communities. Buy American? How about 'train Americans'? Even those not inclined to give President Donald Trump the benefit of the doubt have to pause, and think about the upside of his early focus on jobs, and manufacturing jobs in particular.
He lies about what he has delivered so far (what does he seem disinclined to lie about?) And has laid out some fairly bold ambitions without being terribly specific about how they might be achieved. The rise and fall of Detroit: A timeline. Sign Up for Our free email newsletters.
Detroit: Disappearing City? Nine Reasons Why Detroit Failed. My hometown of Detroit has been studied obsessively for years by writers and researchers of all types to gain insight into the Motor City’s decline.
Indeed, it seems to have become a favorite pastime for urbanists of all stripes. How could such an economic powerhouse, a uniquely American city, so utterly collapse? Most analysis tends to focus on the economic, social and political reasons for the downfall. Anatomy of Detroit’s Decline - Interactive Feature. Mayor Coleman A. Young of Detroit at an event in 1980. Richard Sheinwald/Associated Press The financial crisis facing Detroit was decades in the making, caused in part by a trail of missteps, suspected corruption and inaction.
Here is a sampling of some city leaders who trimmed too little, too late and, rather than tackling problems head on, hoped that deep-rooted structural problems would turn out to be cyclical downturns. Charles E. Edward Jeffries, who served as mayor from 1940 to 1948, developed the Detroit Plan, which involved razing 100 blighted acres and preparing the land for redevelopment.