Glimpse into America's future thanks to libtard economics

[dario73]

Michigan bankruptcy court judge Steven Rhodes has approved Detroit's bankruptcy as constitutional, and said cuts to pensions are permissible.

But Rhodes added that he would not approve pension cuts unless the bankruptcy plan is fair and equitable, according to Detroit Free Press reporter Nathan Bomey.

Still, he agreed with emergency manager's Kevyn Orr's contention that pension debts cannot be distinguished from other debts, according to the Detroit Free Press' Brent Snavely.

Rhodes says the city entered into bankruptcy in good faith, though did not negotiate in good faith, which could in theory disqualify the filing.

However he also ruled in favor of the city's claim that certain creditors made negotiation impracticable, according to Crain's Amy Haimerl.

It's the largest bankruptcy filing in history.



Read more: http://www.businessinsider.com/detroit-bankruptcy-ruling-2013-12#ixzz2mQuxuYWZ

[JOHN MATRIX]

Detroit becoming more and more like africa every day lmao

[Vince G, CSN MFT]

 


If you look at the map...you'll notice a number of places that have gone bankrupt in conservative areas.   Bankruptcy has more to do with fiscal irresponsibility than politics

http://www.governing.com/gov-data/municipal-cities-counties-bankruptcies-and-defaults.html

[JOHN MATRIX]

Yes, except that fiscal responsibility tends to be incompatible with democrat policies and ideology

[2Thick]

Yes, except that fiscal responsibility tends to be incompatible with democrat policies and ideology

Exactly!

Unions run amok and bloated pensions have contributed greatly to breaking companies and municipalities left and right.

If people want or expect to be paid a stream of income for life, they need to put away a little of their own $ each month into a certain type of annuity that will do such a thing for them, and can even be set up to transfer monthly payments for life to beneficiaries.

Municipalities and corporations cannot be expected to pay workers mid to upper five figures or more for life when they are retiring in their 50s (or even younger) and living many decades.

It wasn't quite as bad many years ago when people were paid $20 an hour to turn screw until they were 65 or 70, then they continued to be paid until they died 5-10 years later. But now they're being paid $40 or more an hour and often living well into their 80s, 90s, or even beyond.

[dario73]

If you look at the map...you'll notice a number of places that have gone bankrupt in conservative areas.   Bankruptcy has more to do with fiscal irresponsibility than politics

http://www.governing.com/gov-data/municipal-cities-counties-bankruptcies-and-defaults.html

Nice try. But very bad policy is what lead to Detroit's economic destruction and which affects EVERYONE.

It was DEMOCRATS and THEIR CONSTITUENTS, aka UNIONS, who were in charge politically for decades during which all this debt was accrued.

[JOHN MATRIX]

Everywhere libs take over, the economies fail. Detroit, chicago, illinois, california (recently ranked dead last on Forbes best states to do business)

[dario73]

If you look at the map...you'll notice a number of places that have gone bankrupt in conservative areas.   Bankruptcy has more to do with fiscal irresponsibility than politics

http://www.governing.com/gov-data/municipal-cities-counties-bankruptcies-and-defaults.html

Fifty years of democratic party leadership in Detroit led to this. FIFTY YEARS!

[tonymctones]

If you look at the map...you'll notice a number of places that have gone bankrupt in conservative areas.   Bankruptcy has more to do with fiscal irresponsibility than politics

http://www.governing.com/gov-data/municipal-cities-counties-bankruptcies-and-defaults.html

not to say that so called modern conservatives are fiscally responsible but the ideololgy of conservatism is...that is not true of modern liberalism