Feds to Fund Detroit
The auto industry, Wall Street, now…Detroit?
In what seems like a long time coming, Detroit is trying to renew its name. After a slew of government overhauls and corrupt business trades, the city received a government-appointed Emergency Manager.
Shortly after, Detroit became the largest city to file for bankruptcy. Still, it wasn’t enough; Detroit finally sought out the help of the federal government.
The federal government decided to help the city who has been, to put it lightly, down on their luck.
With the help of $100 million in grants, the city still has a long way to go in order to fix the $18 billion of debt.
However, government officials assure they will not bail out Detroit like they did with Chrysler and General Motors due to federal deficit problems.
Of the $100 million, the federal intervention will include Community Development Block Grants and commercial building demolition. Part of the money will go to hire new police officers and fire fighters, which is expected to spur job growth and ensure neighborhood security.
Is there any hope for Detroit left? Do you think the city can survive?