Grammar stuff. Detroit Is an Example of Everything That Is Wrong with Our Nation. Back on July 18, 2013 the city of Detroit filed for Chapter 9 bankruptcy.
Detroit is now seeing a little life, but the city is far from where it once was. Once the wealthiest city in America, known as the “arsenal of democracy,” Detroit was the fourth largest city in the U.S. in the 1960s with a population of two million. Now it has become an example of everything that is wrong with the American economy, Detroit has become nothing more than a devastated landscape of urban decay with a current population of 714,000 whose unemployment rate at the height of the recession was as high as 29 percent, and has only decreased due to the rapidly decreasing population.
Foundation for Economic Education. Who is to blame for Detroit’s bankruptcy—China? Or robots? When Erica was a young child, she had a hard time coping with the absence of her father.
Even as a five-year-old, she would violently act out. Her mother shielded Erica from the knowledge that her dad was in prison, a convicted serial rapist. Eventually, counselors at a specialized after-school program revealed to Erica that her father was behind bars. They did not talk about his crimes, but they helped her make supervised contact. Erica began visiting and exchanging letters with her father, which greatly improved her behavior. More than 5 million children in the United States have had a parent in prison or jail, according to a 2015 study from the Maryland-based research center Child Trends. You Don't know Sh** about Detroit's Shinola. Luxury goods maker Shinola is marketing upscale watches and bicycles by playing up the brand’s blue-collar roots Perhaps no American city has a better story to tell right now than Detroit.
Beginning well before the beleaguered city’s bankruptcy filing in 2013, tons of ink has been spilled about Detroit’s declining population, high unemployment, poverty and high crime rate. There have been photo essays both on its abandoned buildings and on its resilient and resourceful residents. (Marketing News joined the fray in July 2013, running a story on urban planners’ and the business community’s efforts to reimagine the city as a hub for new businesses and tech startups.) Shinola has perfect timing in Detroit. Mapping 60 Years of White Flight, Brain Drain and American Migration. You can tell a lot about a place by who doesn't want to be there any more.
Or, conversely, by who wants to move in. A city that seeps population over time invariably has deeper problems driving its demographic change, like poor school districts that can't keep young families, or weak job prospects for its college grads. A county that attracts new residents, on the other hand -- maybe young people in particular, or retirees -- likely has the right amenities to lure them. Maybe a certain job sector. Rush Limbaugh: Detroit Went Bankrupt Because Blacks Drove Out Whites.
Economists are attributing Detroit’s recent bankruptcy filing to problems facing the entire Rust Belt region: a shrinking tax base, high health and pension costs, sprawl, and general dysfunction.
Tech and innovation power Detroit's manufacturing revival. Similar efforts are under way in Detroit to foster innovation and entrepreneurism.
These include the Obama administration's manufacturing innovation institute, called Lightweight Innovations for Tomorrow (LIFT), launched in January, and the philanthropic New Economy Initiative (NEI), an economic development initiative working to build a network of support for entrepreneurs and small businesses.
"We don't support entrepreneurs directly, but the ecosystem that does," explained David Egner, executive director of NEI, which has raised $135 million to fund entrepreneurs and programs like LIFT. Detroit bankruptcy another setback for unions. Detroit's historic bankruptcy filing is a major setback for public employee unions that have spent years trying to ward off cuts to the pensions of millions of government workers around the country.
Detroit’s white population rises. Detroit’s white population rose by nearly 8,000 residents last year, the first significant increase since 1950, according to a Detroit News analysis of U.S.
Census Bureau data. The data, made public Wednesday, mark the first time census numbers have validated the perception that whites are returning to a city that is overwhelmingly black and one where the overall population continues to shrink. Many local leaders contend halting Detroit’s population loss is crucial, and the new census data shows that policies to lure people back to the city may be helping stem the city’s decline.
“It verifies the energy you see in so many parts of Detroit and it’s great to hear,” said Kevin Boyle, a Pulitzer Prize-winning author and historian who studies the intersection of class, race, and politics in 20th-century America. The Northwestern University professor grew up on Detroit’s east side. Auto Bailout or UAW Bailout? Taxpayer Losses Came from Subsidizing Union Compensation. June 13, 2012 | Backgrounder on Economy By James Sherk and Todd Zywicki Key Points Bankruptcy law calls for similarly situated creditors to receive equal treatment.
In the government bailout of General Motors and Chrysler, the United Auto Workers (UAW) union received much more favorable treatment than other creditors and other unions. Unlike other unsecured creditors, the UAW recovered most of the money owed to its benefit funds. Abstract: The U.S. government will lose about $23 billion on the 2008-2009 bailout of General Motors and Chrysler. Ford to invest $1.6 billion for new plant in Mexico. Ford sparked outrage from the UAW and Republican front-runner Donald Trump on Tuesday, uniting two unlikely foes, after the automaker said it would invest $1.6 billion to build a new plant in Mexico and create 2,800 jobs.
The Dearborn automaker has been among Trump's targets for months because of the widely expected investment south of the border. The UAW, which reached a new four-year contract with the automaker last November, also has long been critical of automakers increasingly building new plants in Mexico. The union and Trump said Tuesday that America's trade deals lead to job losses.
"These ridiculous, job-crushing transactions will not happen when I am president," Trump said in a statement issued by his campaign. "NAFTA has incentivized plants to move to Mexico, closing factories across the United States. Detroit Rising: Life after bankruptcy. One year after a federal judge approves Detroit's bankruptcy exit plan, progress has been made while looming challenges remain, especially city pensions The City of Detroit has more than enough cash to pay its daily bills. Thousands of busted streetlights have been replaced. City retirees still receive pension checks, and valuable paintings remain ensconced in the gilded halls of the Detroit Institute of Arts.