Ba3 2009 revenues:
$1,280,791,000 2009 debt ($000s):
$2,449,480,000 Median household income:
Detroit has suffered worse from the recession than almost any other U.S. city. The effects of the city’s economic situation are reflected in its credit rating. Many of Detroit’s biggest companies, such as General Motors and Chrysler, declared bankruptcy, placing “significant pressure” on the city, according to Moody’s. Detroit relies on the auto industry for its tax base, and the industry’s contraction has hurt the city immensely. The city became a “habitual note borrower,” relying on investors to close budget gaps.
(AP Photo/Carlos Osorio) More From 24/7 Wall Street: Most Expensive Tickets in Major League Sports The States Losing the Most Jobs in China 10 Signs the Double Dip Recession Has Begun The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.