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Thread: Detroit's Pension Woes

  1. #1
    Senior Member Gerry Clinchy's Avatar
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    Default Detroit's Pension Woes

    http://www.americanthinker.com/blog/...zi_scheme.html

    Interesting ... the pension plan made payments they weren't supposed to make; almost equal to the payments they were bound to make ... and a lot of those payments went to people who weren't even retired!
    G.Clinchy@gmail.com
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  2. #2
    Senior Member Gerry Clinchy's Avatar
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    And while those corrupt bureaucrats were giving favors to the favored few they were also sticking it to all the other pensioners who would need their retirement.

    http://www.foxnews.com/us/2013/10/30...cmp=latestnews
    It was the politicians, and not longtime city workers like Olivia Gillon, who brought Detroit to the brink of insolvency, but now Gillon can only watch as lawyers negotiating the Motor City's bankruptcy bid place a new value on her hard-earned pension: 16 cents on the dollar.
    The Michigan-based Mackinac Center for Public Policy, which sounded a warning about Detroit's fiscal problems more than a decade ago, said the old-style defined benefits pensions that have long been a centerpiece of civil service leave pensioners at the mercy of politicians.
    Indeed, the Mackinac 2000 study looks prophetic now: "If Detroit's future expenditures were relatively stable, this financial snapshot still would be cause for concern. But the city is looking at two new outlays of monstrous proportions: funding the pension obligations of current and future city employees, which could cost up to $3 billion, and fulfilling requirements under several federal environmental acts, which will cost billions more," read the report.
    G.Clinchy@gmail.com
    "Know in your heart that all things are possible. We couldn't conceive of a miracle if none ever happened." -Libby Fudim

    ​I don't use the PM feature, so just email me direct at the address shown above.

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