Comments on: The fight begins in Detroit http://blogs.reuters.com/muniland/2013/07/20/the-fight-begins-in-detroit/ Bridges, budgets, bonds Mon, 24 Nov 2014 00:29:08 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: COindependent http://blogs.reuters.com/muniland/2013/07/20/the-fight-begins-in-detroit/comment-page-1/#comment-2271 Wed, 24 Jul 2013 15:19:09 +0000 http://blogs.reuters.com/muniland/?p=12866#comment-2271 The real issue, be it a legal issue or not, is that should pension beneficiaries not endure cuts to their benefits, who is going to pick up the tab? If it’s in the Michigan constitution, then it is exclusively a Michigan problem. But the lawyers will argue otherwise, as if there is some bottomless bucket of funding somewhere.

If anyone thinks Michigan or Detroit can go to the feds to secure funding, there are 49 other states that might protest just a bit. Should POTUS or Congress open that can of worms, you will have virtually every municipality in California extending their hand (starting with LA), and every major city, and some states,in the country as well–see New York City, New York State, Illinois and Chicago with literally billions in unfunded pensions commitments.

This problem is not exclusive to Detroit. And, like always, the pensioners and tax payers will be the first to take the hit. The politicians who sold everyone down the river, will remain whole and absolved of any wrong-doing.

Message: if you are a municipal or state worker, you might consider funding an IRA while you’re still working. There is not any guarantee your pension will be there in the amounts or the duration you are being told (sold?). If your pension is through a union, same goes. The Union brass will do fine and will tell you exactly what you like to hear. Like my father’s union pension, it was all smoke and mirrors.

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By: Syanis http://blogs.reuters.com/muniland/2013/07/20/the-fight-begins-in-detroit/comment-page-1/#comment-2270 Wed, 24 Jul 2013 05:40:32 +0000 http://blogs.reuters.com/muniland/?p=12866#comment-2270 Maybe its time they start posting exactly what positions get pensions funded by the City or the city is liable for and how much these pensions plan to pay for each one. Show us the list with facts. Of course they won’t because they don’t want people to know a trash collector will have a very lucrative pension many times above what any private trash service would offer or that crap typing jobs in the city have top notch pensions and so forth. They won’t show the details of how these pensions are set to pay far more then what would be considered private pay in that industry or show how the Unions forced the city into taking these while not allowing layoffs when needed or firing bad employee’s.

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By: 2Borknot2B http://blogs.reuters.com/muniland/2013/07/20/the-fight-begins-in-detroit/comment-page-1/#comment-2269 Tue, 23 Jul 2013 21:42:45 +0000 http://blogs.reuters.com/muniland/?p=12866#comment-2269 I wonder how many “legal magic tricks” will be performed in trying to block the truth from being told. I can just see it now. Lawyer A, “Judge we need to meet in chambers to suppress this evidence because it is proprietary and it might interfere with the Corporate interest of my Client.” The money will be used up attempting to get disclosure. Or maybe, reality will kick in and things will become Crystal clear.

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By: brotherkenny4 http://blogs.reuters.com/muniland/2013/07/20/the-fight-begins-in-detroit/comment-page-1/#comment-2267 Mon, 22 Jul 2013 20:11:44 +0000 http://blogs.reuters.com/muniland/?p=12866#comment-2267 The politicians are happy to tell us that we are honest, hard working and moral. However, they are not and we are not. In general we are the opposite of that. Detroit is an early indication of what we have become and will be more and more in the future as long as we believe that the person who works hard is a fool. Neither political party, no corporation, no union and no supreme court justice are/is any different.

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