Detroit May have to sell it's treasure s like ART

Did you know Detroit Owns famous art?

Art for SALE 

Detroit may sell its art treasures

Orr said that the city needs to cut debt to restore services and lower costs, such as taxes and insurance, which he says have chased businesses and residents out of the city.

Detroit's population has fallen 28% since 2000. The unemployment rate, while down from a peak of 27.8% in the summer of 2009 -- when General Motors (GM, Fortune 500) and Chrysler Group were going through their own bankruptcies -- is still at 16.3%, nearly twice Michigan's statewide average.

While the auto industry has enjoyed a resurgence with strong car sales and profits, most of the industry's Michigan plants lay outside of city limits.

-- CNN's Poppy Harlow and CNNMoney's James O'Toole contributed to this report. 

Are you a Detroit city employee or retiree? We want to hear your story. Please contact CNNMoney.

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