"DETROIT:THE 60 YEARS OF ECONOMIC DECLINE, BANKRUPTCY AND UNCERTAIN FUTURE"

A negative history was made in America yesterday when Detroit, the largest American city and the original home of the three major American indigenous automobile companies, the General Motors, Ford and Chrysler LLC officially filed for the Chapter 9 bankruptcy. This development in my own judgement and assessment may be the best practical way out of this lingering, but huge and insurmountable financial crises that Detroit faced as a major American city due to its financial decline since the 1960s to date. The population of Detroit hit about 1.8 million city residents in 1950 at the peak of the financial boom in the automobile industries by becoming the 4th biggest city in America then. Today in 2013, the same city of Detroit is struggling to keep its 700,000 residents. The rapid population decline over many decades in Detroit due to the resident migration pattern out of this city directly affected the Detroit's tax revenues that come mainly from the payroll, property and business taxes. Detroit as a city in 1950 had 82% of the white Americans in its population, today in 2013, it is a case of a racial and a population reversal in 2013 with 82% of the current residents of this city documented as the African-Americans.

The various economic data and indicators on the ground in the city of Detroit that is about 139 square miles geographically are very serious. The city is indebted to the tune of about $18 billion using and this city is using 38 cents of its every one dollar income to pay debt and with its incomes remain far less that its revenues for decades. The city of Detroit's auto manufacturing jobs fell from 260,000 in 1960 to about 20,000 today in 2013. The unemployment rate in Detroit today is 16.7%, which is twice the national average in America. About 100,000 plus creditors of this city will not get back their money that the city of Detroit owned them for the services and businesses they carried out on behalf of this auto-city. It is also estimated that over 78,000 houses are now abandoned by their owners that must be demolished by this city. The average age of a fire station in Detroit is 80 years old. The $3.5 billion in the pension fund for the retired city employees face a future of uncertainty. The Detroit Public Schools due to decades of low enrollment have closed down over 100 plus elementary  middle and high schools with thousands of teaching jobs gone with it. About 50% of the city public parks are now closed, 40% of the city street lights are dead and the estimated police response time in Detroit for any emergencies is about one hour.

In conclusion, the Obama stimulus that saved the American economy and the Detroit automobiles from their total collapse or liquidation in 2009 did not help in saving this great industrial city of America from the decades of its pending collapse that is now finalized today in 2013 as bankruptcy. How will Detroit come out of its huge economic crisis of today? What is the way forward for this city beyond today's bankruptcy? Will this city recover at the end of the day from this bankruptcy and then return to her former glorious day in the nearest future. Time only will surely tell.