Detroit has officially filed for bankruptcy. It's been a long and winding road for the Motor City.
FOX News Radio's Jennifer Keiper explains:
Many things have contributed to Detroit's downfall. Corruption, pension fund mismanagement, seemingly endless borrowing, and the population of 1.8 million in 1950 is now around 700,000.
Earlier this year, Governor Rick Snyder called in a bankruptcy attorney to take over the city's finances. Emergency Manager Kevyn Orr made it clear from the start that Detroit's situation was not sustainable.
(Orr) "It's been non-sustainable for years though and everybody agrees with that. 2005 it was "mission critical" and widely recognized as so."
Orr's plan to give debt and credit holders pennies on the dollar, sell off some artwork from the Detroit Institute of the Arts, and put money back into police and fire hasn't worked.
So, Detroit is now the largest American city to enter bankruptcy.
Jennifer Keiper, FOX News Radio.
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