Dan Walters: Detroit bankruptcy ruling puts public employee pensions on the table in California
#1 Dec 4, 2013
The ruling by the Detroit BK judge clearly says pensions are contracts that can be voided, despite what a state constitution says. If this is not a wake up call to the concept of greed or at least overreaching by public pension plans and their members in California, they are living in angry denial. It is now time for unions and their sensible members to cooperate with government or cause more and more bankruptcies or the total failure of government as we know it. There is a huge difference between a Detroit pensioner getting $25,000.00 a year and a California pensioner getting $75,000 or more each and ever year coupled with lifetime medical for 20 to 45 years after retirement at 50, 55, or even 60. Do the math. California is a formula for failure.
#2 Dec 4, 2013
Detroit bankruptcy given green light as judge says it should have happened years ago and thousands of workers and retirees protest over pension cuts
- Judge Steven Rhodes ruled that city is eligible to shed billions of dollars of debt that accumulated during the city's decades-long decline
- Wondered aloud why the bankruptcy had not happened years ago
- Pensions can be altered just like any contract because the Michigan Constitution does not offer bulletproof protection for employee benefits
- Attorney representing employees said city officials got 'absolutely everything' and is planing to appeal judge's decision
#3 Dec 4, 2013
Then by all means Gomes should take one last swing at unions before she leaves by advocating for another bankruptcy immediately.
Right? Why wait?
#4 Dec 4, 2013
Don't be so stupid.
#5 Dec 4, 2013
Stupid? The gist of the judges ruling is that pensions can be heaved IN BANKRUPTCY. We plan on declaring bankruptcy again? Didn't think so, now STFU.
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