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Detroit Bankruptcy Decision
Puts Pensions at Risk

Associated Press, by Ed White

Original Article

Posted By:Pluperfect, 12/4/2013 4:22:54 AM

DETROIT -- A judge has given Detroit the green light to cut pensions as a way out of the largest municipal bankruptcy in U.S. history, a decision that puts the case in the laps of thousands of retirees who had hoped that the Michigan Constitution would protect them from getting smaller checks in their golden years. Judge Steven Rhodes said the city is eligible to stay in bankruptcy court and scrub $18 billion in debt, about half of that amount linked to underfunded pensions and health care obligations. But he also warned officials that they´ll need to justify any deep

      


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Reply 1 - Posted by: Spidey, 12/4/2013 4:40:17 AM     (No. 9639320)

If one lousy city can generate billions in unfunded pensions,think abut how bad that is on a national scale.This whole country could wind up in bankruptcy court because all the same factors are there.Too much generosity to government workers and poor people being paid for by a dwindling number of workers.

The left doesn´t want to deal with the hard costs of math.Debt is very abstract to these people.As long as they think a person or business has excess money,they figure they should be taxed like hell to make up the difference.

Government pensions work exactly like a ponzi scheme and Madoff would still be n business if investors didn´t demand some cash in 2008.

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Reply 2 - Posted by: strike3, 12/4/2013 5:03:00 AM     (No. 9639327)

Maybe the judge noticed the connection between the overly generous application of taxpayer dollars to these pensions and the bankruptcy itself. America is the land of opportunity but trash truck drivers becoming multi-millionaires is stretching it a bit. It didn´t all go into Kwame´s pocket, it took a lot of feeding at the trough to get there.

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Reply 3 - Posted by: LanieLou, 12/4/2013 5:09:32 AM     (No. 9639333)

After years of corrupt pols accepting bribes to never say no to a union... I imagine even a janitor´s pension is over $1m year.

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Reply 4 - Posted by: sinic, 12/4/2013 5:28:12 AM     (No. 9639347)

#1´s got a good point. In just about every city, town, and state, administrations negotiate contracts for the future based upon the economy of today. Teachers in Chicago got a 16% pay raise spread out over the next 4 years...and nobody knows whether the revenue will be there to fund it. These people always think that, if the excrement hits the fan, they´ll just tax or fee their way to a solution. Works until there´s nobody left to tax...which is where Detroit is now. It´s going to happen with more and more frequency...it´s just a matter of when.

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Reply 5 - Posted by: PChristopher, 12/4/2013 5:28:43 AM     (No. 9639348)

Socialism requires an expanding and unending series of pockets to pick in order to ´work´. Now that the tax base is all but destroyed and there are nowhere near as many pockets to pick, they should have the decency to not look surprised.

And no...I don´t want to hear any of the sure to follow BS about how ´we´re all Detroiters now´, or some such ´cuz I have no desire to work my fingers to the bone supporting you guys. Get the money from your rich union bosses.

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Reply 6 - Posted by: Trigger2, 12/4/2013 5:38:53 AM     (No. 9639360)

Boo hoo. The union raped taxpayers for over 50 years; now they can reap what they´ve sown.

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Reply 7 - Posted by: FunOne, 12/4/2013 6:18:33 AM     (No. 9639387)

"Eventually, Socialists run out of other people´s money."
~~ Margaret Thatcher


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Reply 8 - Posted by: ROLFnader, 12/4/2013 7:31:21 AM     (No. 9639478)

Look for the "knockout game" to become very popular in the Detroit suburbs in the near future. We have many friends and relatives in that area and if they don´t come up north to visit, we just don´t get to see them .

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Reply 9 - Posted by: zephyrgirl, 12/4/2013 9:04:39 AM     (No. 9639629)

The judge didn´t have much choice - about half of Detroit´s unfunded debt is associated with employees´ health care and pensions.

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Reply 10 - Posted by: Blackeagle, 12/4/2013 9:11:53 AM     (No. 9639640)

Odious debt: (pensions are in essense debts for current taxpayers)

In international law, odious debt, also known as illegitimate debt, is a legal theory that holds that the national debt (or public obligations) incurred by a regime for purposes that do not serve the best interests of the nation (or city), should not be enforceable. Such debts are, thus, considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state (or current taxpayers). ***In some respects, the concept is analogous to the invalidity of contracts signed under coercion.*** (slightly modified from Wikipedia)

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Reply 11 - Posted by: mickturn, 12/4/2013 12:36:02 PM     (No. 9639943)

Well Union Pensioneers...go suck eggs!

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