Latest Stories: Detroit
Detroit was once an icon of America’s prosperity. The town was one of the best manufacturing hubs in the U.S.. However, Detroit is now in a serious economic crisis. About one-third of the city lies vacant. As many of the populations relay on the big three U.S automakers, General Motors, Ford and Chrysler, those are facing the possible default. The three, to chase the survival, have already announced to close a big portion of their plants, resulting in many unemployment people. Detroit’s unemployment rate has reached 20 percent or so. Plus, due to such this big economic crisis, foreclosurers and crimes have dramatically increased. Moreover, the situation might be worse. The Obama administration, on March 30th, forced General Motors Corp's chief executive to quit and pushed Chrysler LLC toward a merger, threatening bankruptcy for both. If the U.S. government lets the auto-makers fall into bankruptcy, many of Detroit communities would be really vanished.