Detroit, The Foreshadow of Things to Come.

[rocky3]

Pensions generally are considered off limits in bankruptcies, Nicholson said. “It’s very, very rare for any entity to go after people’s pensions because it puts people in the poor house,” he said.

The push back from labor groups is a new front in a growing resistance to Orr’s efforts.


Notice that everyone assumes the unfunded liabilities are $640 million, but in reality, once you start looking at the numbers, the city owes five times as much – $3.5 billion! That’s a significant miscalculation.


It’s very simple to figure out what happens here using basic arithmetic.


Labor unions and city employees can sue the city to their heart’s content. This will not change the facts:


There’s no money.


Prison Planet.com » Here Comes the Pain: Detroit To ?Significantly Cut Vested Pensions? For Retirees

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[DMax]

That same dynamic is at the federal level also only in Trillions. As long as America keeps voting in democrats who care about people but there policies makes them helpless, dependant and poor then nothing will change until it all falls down, just like the nursery rhyme.

 

[RBid]

Detroit is a great example of a very real threat that we face, and it's not the only one. If I recall correctly, Detroit is one of six cities in Michigan to have gone so far under that they turned to emergency managers. The precedent being established right now should be getting a lot more attention nationally. The people of Detroit are getting screwed, and there is no help coming.