A Solvent Detroit Isn't a Self-Sustaining Detroit

God bless the child that’s got his own, goes the song. That won’t be Detroit, even after shedding $7 billion in debt in its just-concluded bankruptcy.

Detroit was once America’s fourth-biggest city, with its highest per capita income. But these days no city is more dependent on private philanthropy to keep it afloat. In the decade before its Chapter 9 filing, according to a study by Bloomberg News, Detroit relied on the equivalent of $600 per citizen per year in charitable contributions to perform fundamentally government-like functions such as housing subsidies and blight removal.

Read Full Article »
Comment
Show commentsHide Comments

Related Articles