..."LOL...we don't need no stink'n taxpayers!"
Predictions:
Lawsuits as far as the eye can see.
Misinterpretation of the Michigan state constitution to claim this cannot happen because it is alteration of compensation agreements.
Moves by Obama, probably indirectly, to bail out Detroit, and especially the unions of Detroit.
The people need to take it up with a city council who kept promising more than they could ever deliver and made themselves rich doing so.
couldn’t happen to a nicer bunch......
Well DUH! A fourth grader could have told you that.
““It was a function of the mathematics,” said Buckfire, who said he did not think it was necessary for him or anyone else to recommend pension cuts to Orr.”
One little part of the Entitlement State come crashing down...
Are all the other creditors only getting one-sixth of what they were owed?
That is gonna leave a mark.
..."LOL...we don't need no stink'n taxpayers!"
Detroit retired LIBs only getting 16%. That’s probably more than they deserve. Bwahahahahahahahahaaaaaaaaaaaaaaaaaaaaaaaa.
My understanding is that Detroit has an art museum with numerous valuable pieces that are somehow owned by the city of Detroit. Its art could be sold for many billions of dollars.
I hope the Detroit pensioners recognize their level of importance in the world of liberal priorities.
No, it was a function of years and years of politicians making promises to the city employees that they would be taken care of. Instead of doing what any sane person would do - figure out what this week's paycheck would do to the employees future retirement funding and deposit that amount in a separate account as a "lockbox", they just said "we'll worry about taxing people later". You can get away with incurring debts now and paying in the future if you are growing, but as soon as Detroit's population started shrinking between the 1950 and 1960 census, i.e. long before the current employees and most retirees were hired, that there was no way to plan on that.
That headline is either bad math or bad English.
Awwwwww — 16 cents on the dollar is still too much.
Is this for people already retired and collecting?
There is going to be riots
Detroit has been funct-up for decades ....
Reminds me of that Ayn Rand quote, “We can evade reality, but we cannot evade the consequences of evading reality”
I’m sure Nebraska has more than enough money to pay for this.
Just waiting for the cries for the federal govt. to bail them out!!
If you planned your entire life around this you are now SOOOOO SCROOOOOOD.
Don’t EVER believe a promise made to you for thirty years in the future. Nobody has a crystal ball that big.