Since when did Detroit recover? They went into the hospital suffering from gangrene and came out a double amputee. That's not a recovery, that's survival after a chopping (and by the way, those arms are looking in bad shape too... maybe we should schedule the next surgery now).
If anything this is a sign that people should be eager to get 401k and IRA type retirement plans. If the going gets rough, your old employer will toss you away quickly. If the money isn't under your control it isn't yours no matter how many promises have been made about it. You don't get in a situation where the account is underfunded based on projected 20% annual stock market returns or just dissolved completely due to bankruptcy or merger.
A hard lesson when learned.
Sucker bait. Argentina's Kirchner regime confiscated Argentinians' retirement accounts .... commingled them with the broke budget, gave the chumps a "chit", a call on resources. A ticket to a small monthly draw against the hypothecated value of the account.
Stated in Argentine gallopingly inflationary "vanishing money" of course.
What happens when GOVERNMENT X BANKING => "Screw the People"