Judge upholds Detroit bankruptcy plan. City pension holders may only get 16 cents on the dollar that they were planning on.

 

Detroit Eligible To File Chapter 9; Pension Haircuts Allowed Bankruptcy Judge Rules | Zero Hedge

Judge upholds Detroit bankruptcy plan. City pension holders may only get 16 cents on the dollar that they were planning on.

 

Detroit Eligible To File Chapter 9; Pension Haircuts Allowed Bankruptcy Judge Rules | Zero Hedge

 

Any assumption on what they will get is getting way to far ahead.

As a state employee who will depend on my state retirement as the majority of my income when my working days are over...this is a scary precedent should it be upheld.

As a state employee who will depend on my state retirement as the majority of my income when my working days are over...this is a scary precedent should it be upheld.

 

Well now all government workers will now realize elections matter and you can't just always vote for the guy who promises you more money, someone has to pay. In Detroit there was no one left.

As a state employee who will depend on my state retirement as the majority of my income when my working days are over...this is a scary precedent should it be upheld.

 

This article does not paint a good picture.

 

http://www.nationalreview.com/articles/344847/kentucky-s-runaway-pensions-kevin-d-williamson

Yes, public school teachers in Kentucky have reason to worry about their golden years. Especially if the state House ever swings GOP and Kentuckians elect a Scott Walker type as governor.

 

As an aside, total unfunded pension liability for all U.S. cities and counties: $574 billion.

 

Cost of the war to bring democracy and freedom to Iraq: $800 billion.

Yes, public school teachers in Kentucky have reason to worry about their golden years. Especially if the state House ever swings GOP and Kentuckians elect a Scott Walker type as governor.

Usual drivel from the left.

 

As an aside, total unfunded pension liability for all U.S. cities and counties: $574 billion.

 

Cost of the war to bring democracy and freedom to Iraq: $800 billion.

Most informative post you've ever made...This is similar to the fact that there were 15 million without insurance and they could have been insured for about a tenth the cost of the ACA without disrupting the rest of American and Businesses around the country.

Yes, public school teachers in Kentucky have reason to worry about their golden years. Especially if the state House ever swings GOP and Kentuckians elect a Scott Walker type as governor.

 

As an aside, total unfunded pension liability for all U.S. cities and counties: $574 billion.

 

Cost of the war to bring democracy and freedom to Iraq: $800 billion.

 

Except it isn't the federal governments job to back promises made by local governments. If there is no money you can't pay. People need to quit electing officials who can't keep promises they make its that simple. Detroit was corrupt for 40+ years part of the blame has to fall on the voters.

Except it isn't the federal governments job to back promises made by local governments. If there is no money you can't pay. People need to quit electing officials who can't keep promises they make its that simple. Detroit was corrupt for 40+ years part of the blame has to fall on the voters.

 

Some of the accounting done by governments makes Enron look like a kiddie pool.

 

Forget voters. Maybe politicians should be held to the same standards as private sector CxOs and sign off on accounting and budgets - under (severe) penalty of law (i.e. jail time) if they screw it up.

Some of the accounting done by governments makes Enron look like a kiddie pool.

 

Forget voters. Maybe politicians should be held to the same standards as private sector CxOs and sign off on accounting and budgets - under (severe) penalty of law (i.e. jail time) if they screw it up.

 

Cosign

Except it isn't the federal governments job to back promises made by local governments. If there is no money you can't pay. People need to quit electing officials who can't keep promises they make its that simple. Detroit was corrupt for 40+ years part of the blame has to fall on the voters.

You're right, Bash. Elections have consequences. And if you're a public school teacher in Kentucky 20 or so years from retirement, you better be careful who you vote for. Voting for the tea party or GOP "fiscally responsible" choice might cost you real retirement dollars when it comes time to tap your annuity. So when you go into the voting booth 11 months from now, keep one hand on your wallet when you click the lever.

So elect big government liberals who will make false promises until state pensions go bankrupt . Instead of being an adult and addressing the problems let kick it down the road until we have no choices. Sounds perfectly logical.

So elect big government liberals who will make false promises until state pensions go bankrupt . Instead of being an adult and addressing the problems let kick it down the road until we have no choices. Sounds perfectly logical.

Read a story just tonight on what Illinois is doing to address its pension shortfall. Perhaps you and other contributors to the discussion could focus on real-life solutions rather than continue to castigate "big government liberals" and argue in abstract, jingoistic terms.

 

All I'm saying is any "solution" in Kentucky is likely going to cost teachers and state workers real retirement money, and that's a shame.

Read a story just tonight on what Illinois is doing to address its pension shortfall. Perhaps you and other contributors to the discussion could focus on real-life solutions rather than continue to castigate "big government liberals" and argue in abstract' date=' jingoistic terms. All I'm saying is any "solution" in Kentucky is likely going to cost teachers and state workers real retirement money, and that's a shame.[/quote'] I thought hast year they were going to grandfather in all the current employees and retirees, but new employees will get a set amount when they retire .

Yes, public school teachers in Kentucky have reason to worry about their golden years. Especially if the state House ever swings GOP and Kentuckians elect a Scott Walker type as governor.

 

As an aside, total unfunded pension liability for all U.S. cities and counties: $574 billion.

 

Cost of the war to bring democracy and freedom to Iraq: $800 billion.

Not really sure why you make the comment if the house in KY goes GOP. I also am part of the state retirement system and the part of the retirement funds that pays for my retirement is very solvent, thee problem though is other areas of state retirment funds are not doing very well and they have started to do everything they can to take money from our pension to feed the others such as police etc. Which should be against the law but the powers that be are doing whatever they can to bend the law as much as possible. Oh, and it isn't the GOP doing the dirty work here I might add.