By Deepak Chitnis
WASHINGTON, DC: On July 18th, 2013, the city of Detroit officially filed for bankruptcy protection, citing a complete inability to pay creditors back for money borrowed over the course of several decades.
Once a major metropolis – it was, at one point, the fourth most-populous city in the United States – Detroit has seen its number of residents reduced substantially. Its economy, largely dependent on the many car manufacturers who are headquartered in the area, has also faced severe setbacks in recent years.
The following are some figures that help shed some light on Detroit’s current situation:
$18 billion – the amount of money the city of Detroit is estimated to be in debt. Some estimates run as high as $20 billion.
1.8 million – the estimated population of Detroit according to the 1950 census, when the city was at its most populous and thriving.
700,000 – the estimated population of Detroit today, representing a decrease of about 1.1 million people over 60 years. Some people say the actual population is even lower, somewhere around 670,000.
100,000 – the number of creditors the city of Detroit allegedly has financial obligations to. City financial emergency manager Kevyn Orr has spent months trying to convince creditors to accept pennies on the dollar for their loans, but when negotiations fell through the city was forced to file for Chapter 11.
$17.6 million – estimated amount of property taxes that went unpaid in 2012, further fueling the city’s rapid decline towards bankruptcy.
70,000; 31,000; 90,000 – the estimated number of abandoned buildings, empty houses, and vacant lots, respectively, in Detroit currently.
70% — the rate of unsolved murders in the city of Detroit. Crime is so high in the area that insurance prices, especially for automobiles, have skyrocketed in recent years.
15.8% — the unemployment rate of Detroit, as of April 2012.
1.1% — the percentage of Detroit that is Asian or Asian-American, according to the 2010 census. The overwhelming majority of the city – 82.7% — is African-American, with White citizens taking up only 10.6% of the population.
March 1 – The date on which Michigan governor Rick Snyder announced that the state itself would take over financial control from the city.
2009 – year in which current Detroit mayor Dave Bing (D) was elected. A former NBA All-Star and Washington, DC native who played with the Detroit Pistons and Washington Bullets, among other teams, Bing is considered one of the 50 greatest NBA players of all-time.