Today, Federal Bankruptcy Judge Steven Rhodes ruled that the city of Detroit would receive chapter 9 bankruptcy protection. When Detroit filed for bankruptcy in July 2013, it had an estimated $18 billion in financial liabilities.
Get the latest on the state of the federal debt, budget, and economy in our monthly snapshot for November.
Over the past few years, stories of government overreach have become more common. When government grows larger and less accountable to taxpayers, instances of overspending and waste will become widespread. Bureaucrats in Washington can’t always fix the problems they create, despite having good intentions. Just like Uncle Beltway in “Federal Matters,” the federal government often makes irresponsible choices when put in charge of things it’s ill equipped to handle.
Get the latest on the state of the federal debt, budget, and economy in our monthly snapshot for October.
On July 18, 2013, Detroit became the largest U.S. city ever to file for bankruptcy. The city faces a high unemployment rate, a high tax burden and $18 billion dollars of debt liabilities. Our Story of Business series follows three individuals and their efforts to keep their businesses afloat in a city with a shrinking population and financial uncertainty.