Detroit—The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday afternoon, culminating a decades-long slide that transformed the nation’s iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems.
The 16-page petition was filed in U.S. Bankruptcy Court in Detroit.
Detroit is 18.5 billion dollars in debt.
284,000: Number of American college graduates working in minimum-wage jobs in 2012.
The Wall Street Journal this week reported on the troubling trend of college graduates getting stuck in low-skilled jobs, a problem that new research suggests may endure even after the economy improves.
According to the Labor Department, there were 284,000 graduates—those with at least a bachelor’s degree—working minimum-wage jobs in 2012, including 37,000 holders of advanced degrees. That’s down from a peak of 327,000 in 2010, but double the number in 2007 and up 70% from a decade earlier.
“A formal education will make you a living; self education will make you a fortune” -Jim Rohn