Detroit to Cut 1,000 Jobs Amid Budget Crisis

Detroit plans on cutting 1,000 by February 25, 2012 to help deal with the city's budget crisis. The cuts represent nine percent of the city's approximate 11,000 employees. It should save the city $12 million. Mayor Dave Bing said that solving the crisis will require a combination of concessions and tough cuts that will require everyone to share in the sacrifice. The city faces a $45 million cash shortfall by the end of its fiscal year in June. Mayor Bing is also asking for municipal union reforms to save $40 million. He also ordered an immediate hiring freeze for all civil service positions. for further reading: http://online.wsj.com/article/SB10001424052970203611404577046161079749528.html?mod=WSJ_hp_MIDDLENexttoWhatsNewsForth