Detroit just filed for bankruptcy — Here’s how it got there:

From WaPo:

To get a better sense of just how Detroit got into such dire financial straits, it’s worth browsing through this May report on the city’s finances and this “Proposal for Creditors” from June. Detroit’s emergency manager Kevyn Orr laid out all the problems and economic headwinds facing the city. For instance:

• Since 2000, Detroit’s population has declined 26 percent. There are now just 706,000 people in the city, way down from 1.85 million during its industrial heyday in 1950.
• The official unemployment is now 18.6 percent, and fewer than half of the city’s residents over the age of 16 are working. Per capita income is an extremely low $15,261 a year, which means there’s not all that much tax revenue pouring in.

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