Posted on 03/03/2014 4:18:34 PM PST by Libloather
Detroit's looming bankruptcy is making news again, this time focusing on current restructuring plans aimed to wipe out $18 billion in debt by axing pension checks of city retirees, including police and fire.
Massive long-term retirement and healthcare promises were by no means solely responsible for the city's fall, but these massive pensions coupled with a tax base weakened by high unemployment and housing vacancies caused the budget to bleed out quicker.
The Michigan city may be the most recent victim of bankruptcy, but many of the 61 largest U.S. cities have adopted the same retirement legacy leading to $118 billion in unfunded healthcare debts. Retired city workers stop contributing to the system; the system keeps paying them; and before you know, a fiscal crisis has begun.
If you think the three cities below are too big to fail, think again.
(Excerpt) Read more at money.msn.com ...
All run by the party that never gets named
It must be the fault of the eeeevil Tea Party or George Bush.
The servants now own the manor and the squire’s are out in the cold.
How’d they pull that off?
I’ve been saying it all along.
Its why I’m glad that Detroit is being treated as a mostly in house matter despite the pain. Now let those states bail out their own cities.
Notice that the next largest metro area ain’t nowhere near that list?
Personally I think Obama has been quietly shuffling money into Chicago by way of Chicago area Czars with big budgets who don’t seem to do anything.
Chicago Crony Cameron Davis got the job of Great Lakes czar and a $20 billion budget back in 2009 and apparently dropped of the map because I can’t see that he’s done anything since.
I’ve got a solution for L.A. Take half of all the wealth at the Oscars last night. I’m sure it would make a dent. And I’m positive they would all happily give. /s
California, Illinois, New York
107 electoral votes for the Dems without spending a penny of campaign money.
I’m predicting all three get federal guarantees for their state borrowing courtesy of the regime.
How many of those big earners are legal residents of low tax states? Might be interesting to know....
“but these massive pensions coupled with a tax base weakened by high unemployment and housing vacancies”
Let’s not forget the Conservatives leaving by the droves because of the liberalization of Califonia.
welcome to the first three thunderdomes.
Well, the news is plastered all over the lib news. One would think some of these minds full of mush would make SOME sort of connection . . .
But nooooooo.
107 electoral votes for the Dems without spending a penny of campaign money.
Very astute and sobering observation.
rahm wouldn’t blow the whistle. the software team fixing the obamacare website is based in, chicago. surprise. they have big ties to barrycades.
Adjusted for current population, NYC is worse than Detroit.
But adjusted for income or property values or rate of growth or decrease in population, NYC is way way ahead of Detroit and so is probably not near the top for a bankruptcy.
Cops, firemen (auto collision responders) city council, all the government departments and their bloated salaries...
These governemnt employees and their obscene tax paid retirement pensions are gang banging the American private sector...
“...Chicago Crony Cameron Davis got the job of Great Lakes czar and a $20 billion budget back in 2009 and apparently dropped of the map because I can’t see that he’s done anything since.”
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My goodness...this czar has succeeded beyond his wildest hopes. As an “environmentalist” he wanted to fight global warming. He has succeeded in defeating global warming in his czardom (the great lakes) to such an extent that these lakes are close to 100% frozen over.
/sarc
We knew that they would follow Detroit. They were, are ruled by DemocRATS.
107 electoral votes for the Dems without spending a penny of campaign money.
Yeah, but our ace in the hole is Congress has to appropriate the funds, right? Right??
Oh, wait. Never mind...
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