Posted on 10/27/2013 4:10:10 PM PDT by whitedog57
Reuters may get the award for the worst headline of the year. “Detroit pension cuts ‘function of mathematics’ -investment banker.”
It just told me that Detroit pension would be cut. But what you learn later in the article is pretty shocking:
“Buckfire, a Detroit native and investment banker with restructuring experience, later told the court the city plans to pay unsecured creditors, including the city’s pensioners, 16 cents on the dollar. There are about 23,500 city retirees.”
16 cents on the dollar? Well, that is what happens when municipal government spends too much money (inefficiently) and suffers a decline in the tax base.
detrev
And the leading expense in Detroit is public safety.
detexp
The result for the State of Michigan is elevated municipal bond rates and a credit default swaps on par with Europe. The green line is the US Treasury yield curve.
michcurves
/johnny
so someone with a 50k pension is being cut to 8k a year? Detroit screwed up worse than i thought.
You mean!.....You mean!......the Democrat politicians got ALL of their money, and the people who elected them are only going to get 16%?
Hahahahahahahahahahahaha! Welcome to the Democrat party! Vote Democrat. They’re for the working man. Hahahahahahahahahahahaha!
Michigan isn’t really influential enough to qualify for a robust federal bailout.
But you can bet your bippy that Cali, Illinois, and NY will get a lot of help with their debts. Those are the cornerstones of Democrat electoral success.
Cripplecreek, are you out their for conformation on this?
What about the UUS PBGC? Pension Benefit Guarantee Corp..... Won’t the make up some of the difference?
To all those effected by this who voted-for and supported DIMs/LIBs anmd other communist a-holes: Bwaaaaaaaaaaahahahahahahahahahahahahahahahahahahahahahahahahahahahahaaaaaaaaaaaaaaaaaaaaaaaaaaa!
http://www.pbgc.gov/wr/find-an-insured-pension-plan/pbgc-protects-pensions.html
While we insure most private-sector pension plans, Congress has also defined exceptions that PBGC does not insure. For example, PBGC does not insure: federal, state, and local/municipal government pensions,
Detroit is dead and al-Qaeda is thriving.
Way to go, Democrats!
Maybe.
Thanks....
I would love to see a lawsuit forcing the city to sell all of their public properties(City Hall,parks,etc) to private corporations like Walmart, Best Buy and these politicians can set up tents to work in.
They made the headline less sensational/informative because they didn’t want it to get a lot of attention apparently
How much were the workers themselves paying in?
If I were a working Firefighter or Police Officer and saw my pension go away like this I would not show up for work next day. If I were retired I would be in an armed protest.
Probably 75% will lose their homes and not have enough to eat.
Government exempted themselves from the rules they imposed on others to fully fund these kind of pensions.
Homes are a dime a dozen in Detroit
this is what i told a guy i know(county union worker) awhile back, he was not pleased… I Don’t Care. When you extorted your unjustifiable contracts, you didn’t care about the Taxpayers that will be forced to pay for your salary and benefits that is more, and better, than theirs, no…
You said: Either give me what I want, or I will hurt you.
I will GO ON STRIKE and I WILL HURT YOU!!!
NOT, If you don’t give me what I want, I will quit, and get a different job… NO!
It was, GIVE ME WHAT I WANT OR I WILL HURT YOU!!!
You were told over, and over, and over again, through the years, and extorted contracts, that it was unsustainable.
But YOU didn’t listen, and YOU didn’t care.
And the local government said OK, because there was nothing they could do, And, knowing it would be somebody else’s problem down the road, well...
Well, guess what?
It’s down the road, and now… it’s YOUR problem!!!
The trough is empty, and the teat is dry.
Can you hear ME now???
You were all fat dumb and happy as long as your snout was in the PublicTrough up past your eyeballs,
but now…
Now… that the food level has dropped below Your eyes, even YOU can see the writing on the wall as well as the rest of us.
There WILL be reduced benefits to be sure, if not outright eliminations…
And guess what???
I, DON’T, CARE!!!
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