Mar 3, 2019
Detroit, Michigan was riding high in the mid to late 20th century. The city gained its fortunes and reputation via a thriving car manufacturing industry with the likes of Ford, Chrysler, and General Motors, also known as GM. GM is headquarted in Detroit, nicknamed the Motor City. During this era, the city prospered.
By the early to mid 2000s, declining car sales, pressures from the workers unions, and a change in market demand meant GM was under dire financial pressure. In 2009, the government devised a plan to bailout GM using taxpayer monies. Under the bailout terms, the company was ordered to restructure its operations and its debts.
The larger US economy was weakening and one of Detroit's primary financial engines was in financial straits; coupled with a corrupt mayor and this environment creates the perfect storm for Detroit's demise.
Could Detroit ever come back from this? Did they? What's up with Detroit?