The lights have literally gone out in DETROIT!!!
Forty percent of the streetlights don't work, since there isn't enough money to keep them on, or up, in a city that some 60 years ago was the richest in the country and perhaps the world. But that was another time, when the city's manufacturing might powered the Arsenal of Democracy and its factories turned out the cars that shaped the map of modern America.
Now, The City of DETROIT, MI, has acquired bragging rights that make it the envy of no one.
By declaring bankruptcy on July 18, DETROIT became the largest-ever municipal failure in the U.S. Creditors — including big-name investors and pension funds — are already knocking at the door, waiting to see who will get paid first, or at all. Public workers are bracing for pension cuts that may leave their retirement plans in ruins. Residents can look for taxes to go up even as services continue to decline.
DETROIT, MICHIGAN, once the largest automobile manufacturing city in the U.S., and original home to iconic MOTOWN RECORDS - is now BANKRUPT, and Journalist RANA FOROOHAR both asks the question and searches for answers to the conundrum, IS YOUR CITY NEXT?: LESSONS From DETROIT'S FIGHT To SURVIVE, in the new issue of TIME.