Everything You Need To Know About Detroit's Bankruptcy Settlement. A judge gave final approval to Detroit’s plan for emerging from bankruptcy on Friday, closing the courtroom chapter of the insolvent city’s recovery after 16 months of formal bankruptcy proceedings.
For city retirees and workers, the final deal is far better than what observers anticipated last fall and a significant improvement over what the city’s lawyers initially offered. Large financial companies with significant claims on the destitute city are walking away with less to show for their investments than they had hoped. Detroit Schools Face Cuts From Emergency Financial Manager. What It's Like Living In A Bankrupt City. Some of the many boarded up store fronts along Weber Street in Stockton, Calif., in 2012.
The Stockton City Council voted to declare bankruptcy last year, making it the largest city in U.S. history to enter Chapter 9 to that time. Peter DaSilva/EPA /Landov hide caption toggle caption Peter DaSilva/EPA /Landov Some of the many boarded up store fronts along Weber Street in Stockton, Calif., in 2012. Detroit's population loss slows; some suburbs see gains. Detroit continues to lose residents, but the population loss appears to be slowing, with about 1% moving out between 2013 and 2014, according to estimates released today by the U.S.
Census Bureau. In the tri-county area, the Oakland County suburbs of Lyon and Oakland townships and Sylvan Lake, as well as Macomb and Washington townships in Macomb County grew the fastest, according to the estimates. The census makes the estimates annually based on a review of birth and death records, as well as migration. Demographer Kurt Metzger said Detroit's population loss appears to be easing.
"It continues to average about 1% loss per year," said Metzger, now mayor of Pleasant Ridge. Anatomy of Detroit’s Decline - Interactive Feature. Detroit unemployment rate climbs, highest among large cities - Oct. 28, 2009. NEW YORK (CNNMoney.com) -- Detroit continued to lead the nation's cities of 1 million people or more with the highest unemployment rate in September, according to government figures released Wednesday. And for Detroit's painful unemployment rate to stabilize and eventually decline, economists say the jobless will just have to leave the Motor City.
The Labor Department said the metro area ravaged by the auto industry's collapse reported a 17.3% jobless rate in September, up from 17% in August, and 8.9% last year. Detroit also recorded the largest jobless rate increase from September 2008 with 8.4 percentage points, followed by Muskegon-Norton Shores, Mich., at 6.8 percentage points. "Detroit's labor market situation has deteriorated substantially from what was already a weak level," said John Lonski, a chief economist at Moody's Economy.com. Detroit Bankruptcy Filing Raises Big Questions. Detroit has long been a watchword for urban decay, with vacant lots, high crime rates, and serious financial problems defining the city’s image.
But Thursday’s bankruptcy filing raises many questions, beginning with its legitimacy. Many people in the Democratic city, where more than eighty per cent of the residents are black, believe that it represents an undemocratic political gambit by a Republican-controlled state government. The immediate question is whether a judge will block the bankruptcy petition, which was filed in federal court by Kevyn Orr, the city’s “emergency financial manager,” who earlier this year was appointed by Michigan’s Republican governor, Rick Snyder. Orr had been threatening this move for months, and, after negotiations with the city’s pension funds and bondholders broke down, he followed through.
Drop Dead, Detroit! For the past twenty-one years, L.
Brooks Patterson has governed Oakland County, a large, affluent suburb of Detroit. Oakland County embodies fiscal success as much as Detroit does financial ruin, and Patterson, the county executive, tends to behave as though his chief job in life were to never let anyone forget it. One week in September, he gave me an extended tour of his empire, in a chauffeured minivan. Detroit’s Bankruptcy Reflects a History of Racism. This is black history month. It is also the month that the Emergency Manager who took political power and control from the mostly African American residents of Detroit has presented his plan to bring the city out of the bankruptcy he steered it into.
This is black history in the making, and I hope the nation will pay attention to who wins and who loses from the Emergency Manager’s plan. Black people are by far the largest racial or ethnic population in Detroit, which has the highest percentage of black residents of any American city with a population over 100,000. Eighty-three percent of the city’s 701,000 residents are black. It continues to be an underreported story that a white state legislature and white governor took over the city and forced it to file for bankruptcy against the will of its elected representatives. It’s important to view what is happening to Detroit and its public employees through a racial lens. Government was involved at a more micro level as well.