Detroit files for bankruptcy - Largest municipal bankruptcy in US history

[jedi]

I figure Sh*tcago will be next!

In terms of Cities perhaps but I think there are a few more larger cities in front of it all of them with unfunded pension liability just like Detroit and Chicago.

Thank you, I almost knew the democrats did but wasn't sure.

Now I want to ask everyone a question. Have you noticed that every place the democrats take over goes broke? Detroit, Illinois,California, etc? I just don't understand. I'm being serious too, I'm not trying to say one party is better than the other.

It's not the party in power per say but what they are all in debt for which is unfunded pension plans for retired city workers.
As others have posted this stemmed from public sector union deals/contracts and the cities inability to save money and NOT touch it.
It's a representation of what will occur to the USA (as a nation) with Social Security but this is at a smaller level (city level).

CA and IL face the same issues with unfunded state worker pensions as well. The state like the cities were suppose to save money and NOT touch it but alas it was too tempting and they kept borrowing money from the "retirement pot" and thus are where they are now. The USA social security fund is in no better shape either.

So what we will see occur is the domino effect.
First the cities will fail just like Detroit is in terms of the unfunded pension.
Next the states (CA, IL, MA) will fail in terms of the unfunded pension.
Lastly the SSA fund will fail in terms of unfunded retirement payout.

It's not if but when all of these will fail.

 

[Redhorse]

Yeah I already figured I wouldn't receive SS, I'd just pay into it all my life. The problem is too many people expect to get it with not enough people in the nation to fund it. I don't blame people for wanting to get it since they paid into it their entire lives. The solution seems rather elusive.

 

[CathyInBlue]

For sale: Acreage in Detroit, MI. 10¢ for 12 ac.

 

[Jarhead77]

Is anyone surprised by this? I keep hearing broadcasters saying how surprised they are by this, WTH? Are they really that stupid?

 

[churchmouse]

Yeah I already figured I wouldn't receive SS, I'd just pay into it all my life. The problem is too many people expect to get it with not enough people in the nation to fund it. I don't blame people for wanting to get it since they paid into it their entire lives. The solution seems rather elusive.

As Jedi stated....save the money and do not touch it. SS was totally funded until the politicians saw all that money setting there (sound familiar...Enron etc) and could not keep their slimy paws out of it. They wrote a butt load of IOU's to a solvent fund that is no longer solvent.

 

[churchmouse]

Is anyone surprised by this? I keep hearing broadcasters saying how surprised they are by this, WTH? Are they really that stupid?

​YES

 

[lucky4034]

Nice precedence this is setting....

 

[IndyDave1776]

This movie was made before Detroit was trashed by the dems, the unions and the welfare system.

Not really. The poison had long since been swallowed, it just hadn't taken full effect yet. Even in the '80s Detroit was a s**thole speeding toward the brick wall it officially hit today.

 

[churchmouse]

Not really. The poison had long since been swallowed, it just hadn't taken full effect yet. Even in the '80s Detroit was a s**thole speeding toward the brick wall it officially hit today.

Had friends in "De-Toilet" in the 80's and rode up to see them. What a ****-hole. Went into Benton Harbor and wow, that was even worse. I am really surprised it has made it out this far.

 

[jedi]

For sale: Acreage in Detroit, MI. 10¢ for 12 ac.

really or r u just making that up?
i heard on npr that the judge is considering having the city sell some of it's valuable assets like the artwork in its museum, something abou yankee doodle puppet, etc.

As Jedi stated....aave the money and do not touch it. SS was totally funded until the politicians saw all that money setting there (sound familiar...Enron etc) and could not keep their slimy paws out of it. They wrote a butt load of IOU's to a solvent fund that is no longer solvent.

oh so true in the top shelf of a filing cabinet in MD there is a book with us bonds (ious) that ssa has bought from treasury over the years.

1 of these days the checks are just gonna bounce.

Nice precedence this is setting....

what does your sig mean lucky? what happened on that day?

 

[IndyDave1776]

what does your sig mean lucky? what happened on that day?

Since lucky has apparently turned in, I will share that his sig line is the date the Federal Reserve Act was signed into law.

 

[CathyInBlue]

really or r u just making that up?

The joke being that they can't sell real estate in Detroit even by offering it for a dime a dozen.

 

[Redhorse]

Even though I dislike 90% of Democrats and 58% of Republicans, I think this is as much unions as Democrats. I mean, aren't Democrats in charge of economically viable places like Vermont and Delaware?

I agree, I was just wondering. It honestly wasn't about political parties.

 

[IndyDave1776]

Even though I dislike 90% of Democrats and 58% of Republicans, I think this is as much unions as Democrats. I mean, aren't Democrats in charge of economically viable places like Vermont and Delaware?

I would suggest that the explanation is that Vermont is run (until the carpetbaggers from Massachusetts overrun them) by Democrats after the fashion of Jefferson, not Teddy Kennedy and company, and Delaware is successful because of is banking/credit card/insurance regulations which are by far the weakest in the nation hence attracting such businesses--I would consider it a matter of preferring to run the economy on businessmen who need to strap a shark fin on their backs on the way into the office in order to maintain some truth in their existence rather than create a climate attractive to people who actually produce something. Detroit is suffering from trying to depend on producers while simultaneously engaging in policies that bankrupt producers, as is standard in leftist-infested locales.

 

[MisterChester]

Even though I dislike 90% of Democrats and 58% of Republicans, I think this is as much unions as Democrats. I mean, aren't Democrats in charge of economically viable places like Vermont and Delaware?

Yup, plus Vermont doesn't require a permit to carry. They have a self-described socialist as a senator. Oh the irony.

 

[MisterChester]

I don't blame Detroit's government for failing because they are democrats, I blame their government for failing because it was terribly mismanaged. Just because an (R) or a (D) is next to your name doesn't mean you automatically know or don't know how to manage responsibly because that would be a silly assumption. Seems the general trend, at least in my opinion, places run by democrats are usually not managed as well financially and they can end up like Detroit if nothing is done to remedy the problem. Places run by republicans are usually not managed well in terms of quality of life for its population (teenage pregnancies, lower graduation rates, higher obesity, take your pick). That's why there must be a balance, if it's too lopsided then everyone loses in some way.

 

[jedi]

Since lucky has apparently turned in, I will share that his sig line is the date the Federal Reserve Act was signed into law.

ah so it is THIS YEAR and not next that congress needs to act on that 'act' since it was good for 100 years right.

 

[ZombieApocolypse]

I don't blame Detroit's government for failing because they are democrats, I blame their government for failing because it was terribly mismanaged. Just because an (R) or a (D) is next to your name doesn't mean you automatically know or don't know how to manage responsibly because that would be a silly assumption. Seems the general trend, at least in my opinion, places run by democrats are usually not managed as well financially and they can end up like Detroit if nothing is done to remedy the problem. Places run by republicans are usually not managed well in terms of quality of life for its population (teenage pregnancies, lower graduation rates, higher obesity, take your pick). That's why there must be a balance, if it's too lopsided then everyone loses in some way.

QFT .... Too many people think the party they vote for (no matter who's running for office) is better than the other party just because they voted for said party

 

[Hotdoger]

" Places run by republicans are usually not managed well in terms of quality of life for its population (teenage pregnancies, lower graduation rates, higher obesity, take your pick). That's why there must be a balance, if it's too lopsided then everyone loses in some way. " Didn't know the largest cities in America that lead in those "quality of life issues" were run by Republicans. Wow learn something new everyday.

 

[slackerisme]

Even though I dislike 90% of Democrats and 58% of Republicans, I think this is as much unions as Democrats. I mean, aren't Democrats in charge of economically viable places like Vermont and Delaware?

Yes, but there are two distinct classes of Democrats; the ones that think they should be carried through life and the ones that don't ever want to have to see the ones that think they should be carried through life. Guess which class rules most of the East Coast?