Though a decade ago civil servants and union members would never have believed it could happen, the stark reality of the situation came to pass this morning.
We now know the answer to the question: What happens when a government makes promises it can’t keep and borrows so much money it can never be repaid?
This morning a judge overseeing the City of Detroit’s fiscal sustainability ruled that the City can be afforded bankruptcy protection, meaning that all 100,000 of its creditors now stand to lose a significant portion of monies owed to them.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
14 comments:
Keep voting for politicians at the local, state and federal levels who just keep spending. We don't need to worry about paying for all this government spending. We love all of those politicians! They just keep giving us "stuff." Until...one day it happens and they Nail Our Asses. Then all of a sudden , "we get it!" Just keep on voting the way you do and your day will come to. The American voting public is over run with ignorant jackasses.
Detroit is not the end of this nationwide spending spree by liberals that will end up being the largest Ponzi scheme ever, making the 2008 recession look like "the good ole days."
Detroit employees should blame their Unions - not government! Unions and their questionable political tactics and pressure pushed through pensions increases that were clearly financially unsustainable. The union bosses got short term glory, but this is the long term cost. AND, it will happen in virtually every community and school system across this country. The retirement benefits for public sector employees: pension, health care & other goodies, are too high a cost to mathematically maintain. With healthcare costs out of control, with government workers retiring earlier and living longer, with the economy and tax base not growing in most communities what has happened in Detroit is inevitable.
Salisbury, Wicomico County, Board of Ed, Are you listening?
Rut Row, we have a president that has PO'ed another Hoffa! We should only be so lucky!
This is Obozo's plan for America, his own macro-Detroit.
Don't forget that Detroit hasn't elected a republican in 60 years. It's all George Bush's fault.
Who can blame politicians for piss poor business practices?Who didn't know 75 years ago that salaries disproportionate to every one else's wouldn't come back to haunt them?
The employees got screwed by their union leaders.
And to think that the bankruptcy attorneys asked for a "haircut" on pensions. This was a buzz cut!
The liberals & Dems have been drooling for years over the thought of confiscating 401K's, with the promise of "we will manage it FOR you, and give you some later". Yeah, right. Just like Social Security was put in a lockbox! This is coming fast in our country if we don't slam on the brakes now!
5:55 what are you talking about this has nothing to do with 401k's.
I saw this 40 years ago when I was shopped to be a union employee. The numbers didn't add up then,and now the chickens are home to roost. Guess what? the numbers still don't add up.
So,who's the idiot in the room here, me or the union?
Union members and voters made their choice, now it's time to "pay the piper".
Apparently the govt did not "get to" this judge to favor the Unions over the other creditors. Ob' has all he wanted from the Unions (votes). so now they will be hung out to dry with the rest of us..
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