Time magazine's cover story about Detroit's decision to declare bankruptcy. / TIME
DETROIT (Detroit Free Press) -- A photo of the Renaissance Center has landed on the cover of Time magazine along with a cover story about the city's bankruptcy.
In the story, the magazine tackles a central issue that many have debated in recent weeks: Will Detroit be the first of several major cities to file for bankruptcy in the coming months or years? The issue hits newsstands on Friday.
With $18 billion in debt, it is a theme that Detroit emergency manager Kevyn Orr and his turnaround team have tried to fight. Orr and Ken Buckfire, copresident of Miller Buckfire and the city's investment banker, both have said Detroit's financial plight is unique and far worse than any other major American city.
Time indirectly takes issue with Orr's argument. In its story, Rana Foroohar tracks the factors in Detroit's decline and how its path to recovery ultimately might help save other U.S. cities.
"America's cities desperately need a wake-up call to fix their finances," Foroohar writes. "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."
Time - perhaps more than other national publications - has had its eye on Detroit for a long time.
In 2010, several Time reporters spent a year living in a home in Detroit. Though Foroohar joined Time after that project ended, the magazine produced three magazine covers, 200 online stories and 750 blog postings.
"We came here because we thought that so many issues important to the country were in sharp relief here," John Huey, who was Time's editor in chief during the 2010 project, said at the time.
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