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Author Topic: The Cost of Liberalism: 16 cents on the dollar Back to Topics
mudtoe

Champion Author
Cincinnati

Posts:13,214
Points:1,738,045
Joined:May 2008
Message Posted: Oct 30, 2013 2:55:02 PM

In one of the early examples of what's in store for a lot of public sector retirees in the future, as the liberal chickens come home to roost, Detroit has published it's bankruptcy proposal which calls for pensioners to receive 16 cents on the dollar of their monthly pension check.

I'd feel more sympathy for them if it weren't for the fact that they voted for what they are now reaping decade after decade as they chased the jobs and the tax base (i.e. the producers) out of the city. If they want to know whose fault this is the answer is no further away than the closest mirror.

Detroit bankruptcy proposal would leave pensioners with 16 cents on the dollar


mudtoe
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I75at7AM
Champion Author Dayton

Posts:72,665
Points:2,890,515
Joined:Feb 2006
Message Posted: Oct 31, 2013 11:13:31 AM

Well, cat, there aren't very many residents left INSIDE Detroit, and I hear the phone service got shut off. Either that, or squirrels chewed through the phone lines and there is no one left who knows how to fix them.

And they don't have to bother with "last one out turn off the lights" because over half of then streetlights are burned out already.
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gocatgo
Champion Author South Carolina

Posts:18,555
Points:2,987,660
Joined:Apr 2006
Message Posted: Oct 31, 2013 11:00:12 AM

"16 cents on every dollar" should make cons very happy. You can't pay out what you don't have.

It appears all the complaining on this topic is coming from residents outside of Detroit.
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streetrider
Champion Author Gary

Posts:10,239
Points:149,355
Joined:May 2004
Message Posted: Oct 31, 2013 8:22:39 AM

16 cents on the dollar, what's the cost of the other side so we can make a good choice?
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I75at7AM
Champion Author Dayton

Posts:72,665
Points:2,890,515
Joined:Feb 2006
Message Posted: Oct 31, 2013 8:10:36 AM

How many of Detroit's pensioners still live in Detroit? How many of them actually lived in Detroit during their working years?
How many of them are in Florida right now?

How many other cities and counties are getting into the same boat, not funding their annual pension contributions out of current revenues? How many of them have based their future ability to pay out pensions on pie-in-the-sky-high projections of invested asset growth?

How many of Detroit's pensioners will be headed over to WalMart, not for the low prices but for the low wages of the People Greeter position? Gotta make ends meet somehow.

Or maybe the feds will swoop in and bail out the Detroit pension system, guaranteeing all pensioners the full amount they had been promised, and sticking the taxpayers with the bill.
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EZExit
Champion Author Phoenix

Posts:15,234
Points:2,165,505
Joined:Aug 2008
Message Posted: Oct 30, 2013 4:31:06 PM

I feel sorry for them, but what can you do? You can preach about fiscal responsibility until you are blue in the face, but you can't make them take responsibility. On top of that, it is even more difficult, because they are used to simply juggling the budget, they don't even know any other way. The US government and several other municipalities also wish to learn this lesson the hard way too.
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Pielededrac
Champion Author Florida

Posts:1,829
Points:538,640
Joined:Nov 2012
Message Posted: Oct 30, 2013 4:20:16 PM

A certain majority in Detroit kept the Liberals/Lefties in power for such a longtime, and now comes the bills to be paid.
They did dig their own graves, plundering the treasury of Detroit for decades.

It is the exact same thing that happened in Greece, look where they are now.
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