Economist Eric Scorsone, at Michigan State University, said although General Motors boasts the most prominent set of buildings in downtown Detroit, the auto industry plays a much smaller role in the city's economy.

“In fact, health care is the biggest employer now in the city,” he said.

There were about 300,000 auto factory jobs in Detroit in the 1950s, when the population was around 1.8 million.

Today, there are fewer than 27,000 jobs in plants operated by Chrysler and GM, and the overall population is just above 700,000.

“We got three casinos and two auto factories," McGregor explained. "We went from manufacturing to gaming for jobs.”

McGregor's UAW Local 22 Detroit represents workers at the GM Hamtramck plant still in operation here. He said many of those who work there don’t live in the city. “In my facility I’m going to say its about fifty. Fifty stay in the city of Detroit and the other 50 percent stay in the surrounding neighborhoods,” he stated.

McGregor said he had the opportunity to leave when others fled Detroit, but decided to stay. He doesn't regret it even in the wake of news that the city is bankrupt.

"I made a living in this city, and I plan on staying in this city, and hopefully it will come back,” he added.

Economists say Detroit’s population most likely will never reach its former peak. And if the city is to come back, it will need to redefine itself post-bankruptcy as something different than “Motor City.”