Detroit bankruptcy featured on cover of TIME Magazine - New York News

Detroit bankruptcy featured on cover of TIME Magazine

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The cover of this week's TIME Magazine. The cover of this week's TIME Magazine.
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DETROIT (WJBK) -

The Motor City's financial woes are featured on this week's cover of TIME Magazine.

Titled, 'Is Your City Next?,' the news magazine examines Detroit's decision to file for bankruptcy, marking the largest municipal bankruptcy filing in American history, and the lessons other cities can learn from its fight to survive.

Reporter Rana Foroohar writes:

"America's cities desperately need a wake-up call to fix their finances. Though nearly everyone agrees that Detroit is in particularly bad shape, many of its underlying issues-crushing debt and unfunded and unsustainable retiree benefits-are not unique... The fall of this iconic city will bring many changes in the way local governments function and cities grow. While the broader re­rating of municipal debt that's very likely to happen down the pike would increase borrowing costs and reduce the amount of money all cities can raise through bond issuance, it might also prompt many to shift their growth models, rein in unsustainable labor costs and partner in more innovative ways with the private sector (which still has $2 trillion in cash on its balance sheets) in areas like education and infrastructure at a time when federal help is less forthcoming."

Last week, FOX 2's Charlie LeDuff penned similar thoughts:

"We are a spectacle. The national media is here. Not because they care about us. And not to cull material for late night comedians. They are here because their towns may be next.  Baltimore. Los Angeles. Atlanta. After them, the states may be the next dominoes. California's budget is a financial swamp and the Illinois state pension fund is so underfunded you could neatly stuff four Detroit bankruptcies inside its balance sheet."

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