What Does Detroit's Bankruptcy Mean Here?

Now that a federal judge has ruled that Detroit is eligible for bankruptcy protection, do you worry about any ramifications it might have outside of the city of Detroit?

The judge also ruled that pensions of city workers can be cut. Do you know a Detroit pensioner who could be impacted by the decision?
Lee Jacobsen December 22, 2013 at 12:25 AM
The only outside ramifications are financial loans. Most financial organizations saw the writing on the wall years ago and opted out. Pensioners were a part of the Detroit system of fraud. Some were innocent, sort of like WWII when soldiers were ordered to do certain things. Not the soldier's fault right? Only if you are on the winning side. An example is the street lights. How hard is it to screw in a light bulb? Apparently pretty hard for Detroit employees, as very few were replaced. The employees could have pressured their bosses, but why rock the boat? Sitting around is much easier than working , right? Well, now the money is gone, and the consequences have arrived. My guess is that pensions may be ten cents on the dollar. Most companies did away with pensions years ago, opting for 401s instead. Let the employee control the money. Detroit could not afford that, and the pensioners I know from Detroit will simply switch over to section 8 housing, utility assistance, general disability and food stamps/bridge card, along with SS. That will allow them to scrape by on around $45 thousand a year , give or take depending on dependents etc. End result? The govt is still bailing out Detroit.


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