The ingredients for Detroit's longterm economic recovery are already there. It is worth noting that "the quality of knowledge institutions, its International airport, and openness to global talent put Detroit in a different category than other hard-pressed Rustbelt cities."
On Thursday, the city of Detroit filed the largest municipal bankruptcy in American history. Cue the panic.
The media, internet, and social media exploded with predictable stories of the city's imminent demise. There's the shrinking population, which dwindled from a peak of nearly 2 million to 700,000 in 2012. Over and over again, we heard the the long list of other woes – mass joblessness, the sky-high murder rate, street lights that don't work, unthinkably long waits for police and emergency services, huge numbers of vacant buildings, and neighborhoods that are all but abandoned.