Detroit bankruptcy featured on cover of TIME Magazine - FOX 32 News Chicago

Detroit bankruptcy featured on cover of TIME Magazine

Posted: Updated:
The cover of this week's TIME Magazine. The cover of this week's TIME Magazine.
  • Detroit BankruptcyMore>>

  • Schuette endorses Detroit art deal in bankruptcy

    Schuette endorses Detroit art deal in bankruptcy

    Tuesday, June 17 2014 1:47 PM EDT2014-06-17 17:47:06 GMT
    Michigan Attorney General Bill Schuette has given his blessing to a deal that transfers control of art to the Detroit Institute of Arts.
    Michigan Attorney General Bill Schuette has given his blessing to a deal that transfers control of art to the Detroit Institute of Arts.
  • Detroit files plan to fix debt, leave bankruptcy

    Detroit files plan to fix debt, leave bankruptcy

    Friday, February 21 2014 12:49 PM EST2014-02-21 17:49:57 GMT
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing for the first time a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
  • Gov. Snyder: 'Detroit's comeback is underway'

    Gov. Snyder: 'Detroit's comeback is underway'

    Friday, February 21 2014 11:35 AM EST2014-02-21 16:35:28 GMT
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring.
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring under Chapter 9 of the U.S. Bankruptcy Code.
DETROIT (WJBK) -

The Motor City's financial woes are featured on this week's cover of TIME Magazine.

Titled, 'Is Your City Next?,' the news magazine examines Detroit's decision to file for bankruptcy, marking the largest municipal bankruptcy filing in American history, and the lessons other cities can learn from its fight to survive.

Reporter Rana Foroohar writes:

"America's cities desperately need a wake-up call to fix their finances. Though nearly everyone agrees that Detroit is in particularly bad shape, many of its underlying issues-crushing debt and unfunded and unsustainable retiree benefits-are not unique... The fall of this iconic city will bring many changes in the way local governments function and cities grow. While the broader re­rating of municipal debt that's very likely to happen down the pike would increase borrowing costs and reduce the amount of money all cities can raise through bond issuance, it might also prompt many to shift their growth models, rein in unsustainable labor costs and partner in more innovative ways with the private sector (which still has $2 trillion in cash on its balance sheets) in areas like education and infrastructure at a time when federal help is less forthcoming."

Last week, FOX 2's Charlie LeDuff penned similar thoughts:

"We are a spectacle. The national media is here. Not because they care about us. And not to cull material for late night comedians. They are here because their towns may be next.  Baltimore. Los Angeles. Atlanta. After them, the states may be the next dominoes. California's budget is a financial swamp and the Illinois state pension fund is so underfunded you could neatly stuff four Detroit bankruptcies inside its balance sheet."

  • Local NewsLocal NewsMore>>

  • Vandals trash historic Detroit cemetery

    Vandals trash historic Detroit cemetery

    Friday, July 25 2014 6:41 PM EDT2014-07-25 22:41:13 GMT
    Police are looking for suspects after vandals disturb the peace at a historic Detroit cemetery. Someone broke into a mausoleum and made a mess with spray paint and ashes.
    Police are looking for suspects after vandals disturb the peace at a historic Detroit cemetery. Someone broke into a mausoleum and made a mess with spray paint and ashes.
  • Dozens arrested with gang ties in southwest Detroit

    Dozens arrested with gang ties in southwest Detroit

    Friday, July 25 2014 6:23 PM EDT2014-07-25 22:23:34 GMT
    Right now, nearly three dozen violent criminals are off the streets. The U.S. Attorney says they have ties to the Latin Counts gang in southwest Detroit. Their arrests are part of a joint effort called Detroit One.
    Right now, nearly three dozen violent criminals are off the streets. The U.S. Attorney says they have ties to the Latin Counts gang in southwest Detroit. Their arrests are part of a joint effort called Detroit One.
  • Armada teen, April Millsap, killed while out walking the dog

    Armada teen, April Millsap, killed while out walking the dog

    Friday, July 25 2014 6:06 PM EDT2014-07-25 22:06:19 GMT
    Police say the body of 14-year-old girl, April Millsap, has been found in a wooded area near a recreational trail in the Macomb County village of Armada. Police say her death has been ruled a homicide.
    Police say the body of 14-year-old girl, April Millsap, has been found in a wooded area near a recreational trail in the Macomb County village of Armada. Police say her death has been ruled a homicide.
Powered by WorldNow

205 N. Michigan Avenue
Ground Floor
Chicago, IL 60601
Station Operator: (312) 565-5532
Newsroom: (312)565-5533

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices