Wow Detroit??

[sits in trees]

3.5 billion dollar pension deficit? This looks like the first major city in the U.S. to cave due to pensions promised by unions & politicians using other peoples money....The city workers were told less than 2 years ago that their pension funds and investments were doing good???

Edited July 28, 2013 by sits in trees

[EspressoBuzz]

There are a hundred reasons why Detroit is in ruins but pensions is by far the smallest fraction.

[Lawdwaz]

There are a hundred reasons why Detroit is in ruins but pensions is by far the smallest fraction.

 

So if that 3.5 BILLION went away they'd still be bankrupt?

[sits in trees]

There are a hundred reasons why Detroit is in ruins but pensions is by far the smallest fraction.

3.5 billion the smallest fraction? You poo mathematical certainty and you will lose every time.

[ELMER J. FUDD]

The city has a horse shoer but no horses.

[Pav2704]

When I first heard about this on the news it got about 15 seconds worth of air time yet the royal baby and the race riots got more than 5 minutes a piece. You tell me what's wrong with country?

[EspressoBuzz]

Detroit's total debt is 20 billion, 3.5 billion is less than 17.5 percent of that debt. That's MATH!

 

"Retired general city workers, such as librarians or sanitation workers, received average payments of $18,275 a year in 2011, according to the Detroit General Retirement System."

 

Here is where you can read how Detroit city workers are living in the lap of luxury while their city burns around them.

 

http://money.cnn.com/2013/07/23/retirement/detroit-pensions/index.html

 

Let's not blame all the execs who shipped good American jobs overseas and then pocketed the difference or the investors that stripped companies the left the bankrupt (private industry) pensions to the states and citys to pay. Wait? you didn't know that when investment bankers pick apart a company the pension funds are left to the city and states to administer? Why? Because that's how they want it.

 

 

 

[sits in trees]

OK lets just say on some planet in our universe 3.5 billion is a mere pittance, the fact remains the same, people who are trying to fund their own retirements and lives will once again be asked to pay other peoples pensions in the form of increased taxes, hence the term I used in my first post "other peoples money".. the average Joe in Detroit or any other major city had nothing to do with the dealings of city politicians, union leaders in deciding how these workers are compensated in their old age and shouldn't be held responsible for padding someone else's lifestyles when they retire. Its just wrong, plain and simple. However your right, about fat cats who are are doing a bangup job of raping working Americans also...

[HuntOrBeHunted]

Can't say I was a bit surprised !!

[ELMER J. FUDD]

So they (city workers) didn't make much, pensions weren't much, and the city is still broke.

Anyone agree that it is from democratic policy for...what, 40 something years? I read something like that somewhere.

[Water Rat]

I thought I just read the other day that they are building a new arena / stadium , and yet they declare bankruptcy .

[Fantail]

[landtracdeerhunter]

Maybe other cities in this country will learn by Detroit's mistakes, LOLLLLLLLLL.