October 25, 2011
Intro to Business
“The Economist”-So cheap, there's hope-Oct. 22, 2011
This article is about one of the poorest cities in the United States; Detroit, Michigan. This town is a victim of a long-term decline of population and a high increase of crime and poverty. From the decade of 2000-2010 Detroit has lost a incredibly 25% of its population. A state that can fit two million people currently has 714,000 people living in it's city. In this city of 714,000 people it also consists of 60,000 empty houses. 11 percent of people that live in Detroit that are aged between 25 and 34 has a college degree. Also in Detroit there is around 50 percent of black males that are unemployed or live under the poverty line. Thus, the Mayor, Dave Bing, has a plan that is suppose to improve things to a certain extent. He call his plan “Detroit Works” which will help boost three pilot viable areas. With the low Detroit prices because of the low amounts income that the city sees there has been a interest for pioneers to start a business. One of the pioneers is a 49 year old Detroit native, Dan Gilbert. He has set his Quicken Loans business in the downtown area of Detroit. Quicken Loans happen to be the largest internet mortgage company in America. This job alone brings in 1,700 staff with another 2,000 people who are employed in a building nearby. This is seen as a big impact for whats to come for Detroit.
I find this interesting because Detroit needs this change because they have been in poverty for so long that the city has almost been deserted. The fact things may be turning around for this huge city only brings good for America and the people of Michigan. I agree with the fact of getting Detroit back into a power city it use to be because with this city being so big this could potentially bring in a lot more revenue for the United States. I don't feel that this will have a personal affect on me as of right now but in the future it may because with college...