Skip to comments.BREAKING: Detroit CAN file bankruptcy; pensions CAN be reduced forcibly
Posted on 12/03/2013 8:42:44 AM PST by VideoPaul
Officially, the City of Detroit is the largest municipality in U.S. history to enter Chapter 9 bankruptcy.
(Excerpt) Read more at wxyz.com ...
“. Mea Culpa, my bad, so sad, slap my ass and call me Suzie.”
That’s usually an extra 10 bucks. Do you take Bitcoin?
We refused to let Detroit go bankrupt. PERIOD.
(LOL! thanks for the reminder, edpc)
How does the Judge's Union explain this?
And why would they want Detroit when they already have made an offer for Washington.
There’s a documentary called Burn. It’s about the Detroit Fire Department. They are by far the busiest urban fire service in the world, running on a shoestring with old apparatus. One fire truck had 175,000 miles on it.
I think they would do well to open an urban fire academy to teach other departments how to fight fires under that level of stress.
Gee, they could actually make some money.
States need to assert their independence from the Feral Government.
And it would be fair to raise taxes on individuals and businesses? Hell NO!!!! As they say....You Pays your money, and takes your chances.....just like everybody else!!!
Shame on them for believing in skittle defecating unicorns!
Update, and it's official:
“Elections have consequences.”
I don’t blame members for being angry but their anger should be directed at union and political leadership for making deals everybody knew were unsustainable.
One way I would try to help them out is offering up abandoned properties tax free for cleaning up for later sale. If they want to keep the properties themselves, waive the back taxes and let them pay the taxes going forward. I think there are probably lots of options to help them out.
As far as the city is concerned, they have to ease up on taxes and regulation to bring the thriving underground economy back above ground.
Public sector pensions should be reduced to match the average private sector pension. Retroactivly.
Liberal judges are OK with this because they know that pensioners don't pay into union coffers. Liberal judges are OK with shifting money from pensioners back to government workers who contribute to Democrats.
So any promise made no matter how untenable is sacrosanct? Are you a government employee pensioner? Unions agreed to take promises in the hope that they could force contributions. The only thing that counts in a pension fund is hard assets. If the unions would have insisted on immediate cash contributions the politicians and voters would have scaled things way back. Instead they hoped to force a future someonelse to pay.
Sorry but I am under no obligation to fund promises I was not a party to.
If this ruling survives the myriad appeals, how long before Washington uses it to reduce Military Pensions, etc.
“Dear retired city employees of Detroit who supported the Democrats: Yes, we Democrat politicians took off with the money and left you with an empty bag, but it is a nice bag. We got it in Tahiti on a vacation that you paid for. See, we’re always thinking of you! So you’ll have less money each month. Big deal. Our champagne was tepid. We all have problems. The only way to fix this is for you to send even more money to the Democrat party! We Democrat politicians will then hold another meeting in Tahiti to figure this out. If you get hungry, just use your Democrat bag to catch some snipe. They’re full of vitamins! See, we’re always thinking of you! Love and kisses, The Democrat Politicians.”
Nice. Sorry about those who were depending on pensions and COLA’s but, this is totally unsupportable.
What he said was “If you like your Detroit, you can keep your Detroit...” and he’s following though on that promise, too! /s
“Lease Detroit to the Chi-Coms in return for a write-down in debt. They will have a special administrative region, sort of like Hong Kong, on North American soil. The residents will vote in local, but not state and national, elections.”
Interesting, but not really a good idea.
To some degree this has happened all ready at some ports and construction projects here.
The article is perfect timing as we were discussing over lunch the possibility of municipal pension failures.
A few people here are retired from government, receive their checks and can’t conceive of that ever happening.