No matter your point of view - whether you're from Michigan, have visited Michigan or have friends in Michigan - Detroit’s “Proposal For Creditors” was humbling.
18.3% unemployment.
Fewer than half of Detroit’s residents over the
age of 16 are working.
Per capita income is $15,261.
Over 36% of the population is below the
poverty line.
For fiscal year-end 2012, the accumulated
general funds deficit was $326.6 million. If not for the recent debt issuance,
this was projected at $700 million for fiscal year-end 2013.
Over $9 billion of unfunded life, health and
retirement plan benefits.
$18.5 billion of debt.
Our city is insolvent.
