Suzie, bitch likes it rough? Ass slappen' and then?
Posted on 12/03/2013 8:42:44 AM PST by VideoPaul
Officially, the City of Detroit is the largest municipality in U.S. history to enter Chapter 9 bankruptcy.
(Excerpt) Read more at wxyz.com ...
I believe this may be key “down the road” so to speak, when the Social Security system collapses; this sets a precedent allowing Uncle Sam to bail on his “promise” to the elderly.
I’ve often wondered how that would occur (as it will occur, it’s just a matter of time and how). This seems to clear the path, so to speak. All the more reason to not count on Social Security for retirement.
I have a defined benefits pension plan, although my company does not offer it to new hires. By law, a pension must be funded in an “actuarially sound manner”. Basically, that means the assets in the fund must cover something like 80% of expected future claims. This goes back to the Rheingold Brewery closure in the 1970’s, when employees were left out in the cold. The resulting Javits Law required private (but not public!) pensions to actuarially sound.
“We refused to let Detroit go bankrupt.”
“Excuse me, I speak Jive.”
What he said is, the unions own me.
“What is this? (Burp!) A Bill? We were promised a free lunch! Now, it’s not free! I want my vote back! I wouldn’t have voted for all those Democrats if I knew they were going to just steal big for themselves! I would have planned my retirement differently! Oh, how those castles in the air built on Democrat lies have come crashing down!”
“If you have a retirement from the city of Detroit, you can keep your retirement from the city of Detroit. Period.”
” The clerks, administrators, janitors, etc. who were promised a pension and made career decisions based in part on that contractual commitment are hardly to blame and in all fairness should not bear the brunt of the bankruptcy. But of course they will.”
The idiots voted again and again for the liberal commies that promised bloated pensions that could never be paid. The idiots deserve to live with the result of their actions!
remember the taxpayers have insured those pensions.
Those past employees should be fine.
This is about FUTURE earnings which will have new terms based on bankruptcy.
for those in rio linda, this means unions have lost power.
That would obviously have been the better course of action, but it would have required that an effective remedial plan had been adopted long before Detroit hit the wall. Instead, the looters continued to loot, and assumed that the money could somehow be found. Big mistake.
Detroit simply doesn't have the money to pay the pensions. Period. And it has no plausible way to get the money. The only way to protect the pensions would be for someone else to step up and bail them out. "Someone else," of course, means State of Michigan or federal taxpayers, and there is no reason any of these folks should be dinged to pay for corrupt deals to which they were not a party.
This is why pensions should be fully funded.
Of course there are innocent victims. This is always the case when a big enterprise fails. In the private sector, companies go bankrupt every day, and employees lose expected benefits. Even if the PBGC steps in, people still take a severe haircut. Public employees should be no different.
In addition to imprudent and unsustainable promises, Detroit's finances are riddled with fraud. In the private sector, senior managers would go to jail. I wonder how many Detroit pols will face criminal charges? Not many, I would wager. Public sector privilege. Too bad.
The politicians pay no price. They are off the hook. They took the money and ran. The creditors take the hit—including bond holders, vendors, contractors and retirees.
I wonder if the city/taxpayers can petition for clawback of campaign contributins. (one year limit to insiders)
Suzie, bitch likes it rough? Ass slappen' and then?
Re government pensions generally: As my maternal grandma used to love to say to me.....”son, if it SOUNDS too good, it usually is”.
We have all heard that. So, when does being just plain STUPID become accountable? ANSWER: it just did!......with this judges ruling!
The pols were both corrupt and stupid for not saying No to the unions and the workers were stupid to set their little hearts and goals on union thugs and crooked politicians. These stupid people will be lucky to get 10% not to mention 16%. The lawyers will get their cut.
In the larger scheme of things, this money does not exist in this universe. SO, ultimately, it doesn’t matter what ANYBODY thinks!!
The criminal population will be tamed by the same methods they are used to using in the home country.
No it isn't. It is an EXCELLENT point.
“Dear retired city employees of Detroit who supported the Democrats: Yes, we Democrat politicians took off with the money and left you with an empty bag, but it is a nice bag. We got it in Tahiti on a vacation that you paid for. See, we’re always thinking of you! So you’ll have less money each month. Big deal. Our champagne was tepid. We all have problems. The only way to fix this is for you to send even more money to the Democrat party! We Democrat politicians will then hold another meeting in Tahiti to figure this out. If you get hungry, just use your Democrat bag to catch some snipe. They’re full of vitamins! See, we’re always thinking of you! Love and kisses, The Democrat Politicians.”
I can hear the Union saying....WTF, WE ARE PRINTING 3 BILLION A DAY AND YOU CAN’T PAY OUR MUDAFKN PENSIONS!!!!!
A HUGE PANDORA’S BOX HAS BEEN OPENED UP. CAMPAIGN ISSUE FO SURE.
For clawback purposes, it’s difficult to identify the quid pro quo. The corruption is so pervasive and profoundly systemic that it is virtually impossible difficult to link tax credits, deferments, takings, contracts, user fees, rates, grants and so forth to campaign contributions. Of course, the media won’t help you either, unless they can nail a Republican.
ONLY TERM LIMITS CAN BEGIN TO ADDRESS THIS. Incumbency is the single greatest corrupting influence of our entire political system.
When do the riots start?
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