Detroit Residents Doubt Bankruptcy Will Save the City image

Detroit citizens have doubts that filing for bankruptcy was the right the solution to save the city.

“Now is our opportunity to stop 60 years of decline,” said Gov. Rick Snyder.

Detroit filed for bankruptcy Thursday, July 18th, but the future of the once mighty Motor City still lies under uncertainty. The city has a debt of more than $20 billion and resident, retirees and business owners wonder if they will see improvements after so many years of neglect.

Mayor Dave Bing said that he still plans to demolish 10,000 empty buildings before December, when his term will end, and other private companies are also giving a hand in tearing down buildings considered dangerous. But these projects need money and Detroit’s inventory is too massive to make a real dent.

“I don’t think the trickle-down theory works in Brightmoor,” said resident Dennis Talbert. “The whole issue of bankruptcy will not impact poor people. Only when organizations start moving our way will those houses be removed.”

In the 1950s Detroit had a population of 1.8 million people, now it has dropped to around 700,000, neighborhoods a re lying abandoned and property value has plummeted.

Source: AP