Detroit Not Alone In Facing Financial Trouble
DETROIT (WWJ) – Detroit’s bankruptcy may be grabbing the headlines, but there are other cities flirting with financial collapse.
City Council President Pro Tem Andre Spivey says many cities are facing their own financial challenges and could head down the same path as Detroit.
“Well this is uncharted territory. We’re the largest city in the country to go through possibly Chapter 9, so we are treading a new path for people coming behind us. And so what we do now will set the pace and tone for those coming after. But my main concern is those who worked here, put money away and they expected their pension to be there. I’m really concerned about them,” says Spivey.
Some of the other cities that could follow Detroit to bankruptcy court are Chicago, Houston and Baltimore.