“If the Chapter 9 filing is approved, Detroit’s case would be the largest municipal bankruptcy in the history of the United States. The tax base has been destroyed.  Detroit lost a quarter-million residents between 2000 and 2010. A population that in the 1950s reached 1.8 million is struggling to stay above 700,000. Much of the middle-class and scores of businesses also have fled Detroit, taking their tax dollars with them. Likely those holding any of the $11 billion in unsecured debt will get next to nothing. Per person, the debt of the U.S. government ($54K/person) is about twice as large as the debt of the City of Detroit ($26K/person).”

http://www.economicpolicyjournal.com/2013/07/breaking-city-of-detroit-files-for.html

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