Excerpt:
On Thursday, the city of Detroit filed the largest municipal bankruptcy in American history. Cue
the panic.
The media, internet, and social media exploded with predictable stories of the city's imminent demise. There's the shrinking population, which dwindled from a peak of nearly 2 million to
700,000 in 2012. Over and over again, we heard the the long list of other woes –
mass joblessness, the sky-high
murder rate,
street lights that don't work, unthinkably
long waits for police and emergency services, huge numbers of
vacant buildings, and neighborhoods that are all but abandoned.
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