When Detroit went bust in 2013 it was the largest municipal bankruptcy filing in American history. During the Motor City’s fifty years of decline, population fell from nearly 2 million people to just under 700,000.
Today, Motown is on the rebound. Media reports called the restructuring of massive debt by a partnership between city and state government, business leaders and the philanthropic community a “stunning success.”
In this episode we look at what still needs to be done to improve the lives of residents who live with high crime rates, under-funded schools, and a devastating landscape of abandoned properties. Jodie Adams Kirshner, author of “Broke: Hardship and Resilience in a City of Broken Dreams” is our guest.
She investigates the impact of job losses, cuts in state aid and limited resources, closely following the lives of seven Detroiters. We discuss with her what bankruptcy can and cannot do to solve the problems of cities facing underfunded pension liabilities and other forms of distress.
Jodie is a research professor at New York University. Previously a law professor at Cambridge University, she also served as the deputy director of the Cambridge Center for Corporate and Commercial Law.