Skip to comments.Detroit retirees back pension cuts by a landslide
Posted on 07/22/2014 6:54:56 AM PDT by Olog-hai
A year after filing for bankruptcy, Detroit is building momentum to get out, especially after workers and retirees voted in favor of major pension changes just a few weeks before a judge holds a crucial trial that could end the largest public filing in U.S. history.
Pension cuts were approved in a landslide, according to results filed shortly before midnight Monday. The tally from 60 days of voting gives the city a boost as Judge Steven Rhodes determines whether Detroits overall strategy to eliminate or reduce $18 billion in long-term debt is fair and feasible to all creditors. Trial starts Aug. 14. [ ]
Support for the pension changes triggers an extraordinary $816 million bailout from the state of Michigan, foundations and the Detroit Institute of Arts. The money would prevent the sale of city-owned art and avoid deeper pension cuts. The judge, however, still must agree.
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A vote to eat is no vote at all - this is the Democrat strategy whether the subject is union types, welfare queens or illegal parasites.
If this is what they are worried about with an $18 billion debt load, they are still not serious about getting the city back on its feet.
I believe I read that they had voted a roughly 5% or so cut in their pensions. I cannot believe that such a low cut would enable the city to climb out of its massive liberal induced debt. Something smells very Obamay/Clintony there.
After all, math is most definitely not the friend of any progressive.
However, I also feel for the pensioners...but do not really know what to do in order to help.
In my opinion, the state made a bad move backstopping Detroit. Are they going to do the same for Grand Rapids or Saginaw when those cities go bankrupt?
I'd buy that for a dollar.
but that's all I'd pay
I’d buy it for scrap.
‘In my opinion, the state made a bad move backstopping Detroit. Are they going to do the same for Grand Rapids or Saginaw when those cities go bankrupt?’
In our small town one of the local churches got a little too ambitious and borrowed about 3 mill to expand and then, it comes as no surprise, had trouble making their payments. They convinced the county to back the loans.
I am sure this is illegal and looking forward to the day that it bites the county square in the ass.