A U.S. bankruptcy judge ruled Tuesday that Detroit is eligible to seek relief under Chapter IX of the Federal Bankruptcy Act. He also ruled that pensions payable to retired city workers will receive no special protections are subject to revision like any other creditor.
This represents the largest municipal bankruptcy in U.S. history. The city has debts totaling $18 billion, including a $3.5 billion shortage in pension funds, according to Fox News.
“This once proud and prosperous city can’t pay its debts. It’s insolvent. It’s eligible for bankruptcy,” Judge Steven Rhodes said in announcing his decision. “At the same time, it also has an opportunity for a fresh start.”
after reading the entire article I am dumbfounded, once again, that the DUMB and IGNORANT Liberal Democrats of that area are upset with the JUDGE. They should be upset with the Administration that THEY, the DUMB and IGNORANT Liberal Democrats, voted into "power" which ultimately ran the city bankrupt. The bottom line is...You can NOT SPEND more than you make. WHEN will they ever learn ????
Typical progressive thug actions. If someone goes against you threaten them. Here in Michigan, we know how Detroit got where it is today. Corruption, corruption, and more corruption. Reality is a bitch, ain't it people??
And everyone is avoiding "the elephant in the room"! Detroit has become Haiti, or, if you prefer, any country in sub-Saharan Africa; America is on the same road. Why is this? Well, let's see...
...[The answer is left to the reader to deduce.]
As this city went so goes the USA!
Don't forget the unions part in this feasco.
Union thugs....imported from Wisconsin and the attempt to get rid of that states saviour/Govenor, a Republican of course. Not to worry....Union thugs used to be a problem....now just all bark and no bite. Same for Detroit. Some Republican (American) up there will save their a****, if it is savable at all. Hope it isn't. Sell the union leaders 100K Cadilacs and 1.000M homes...might keep their soup/food kitches going for a few weeks.
They continued to spend even after knowing the situation their city was in. They spent because they actually believed that Obama would eventually bailed them out. Obama was reelected and has no more use for Detroit. When he leaves office, if he leaves, he will settle in Hawaii in a 30 million dollar estate from money he squandered from taxpayers. Detroit deserves what they get for being stupid enough to believe that money grows in the Whitehouse.
I seriously doubt that even the Black side of B.O. would protect him from mugging if he visited Detroit! If all of the illegal aliens and black gangs were removed from Detroit it would be a good start to recovery. I am with-holding any negative statements regarding Detroit's politicians as their actions speak for themselves. Does anyone know what percentage of the Detroit citizens are on welfare? However it is my sincere opinion that Dumb and Dumber could manage Detroit far more effectively!
Once again our system works.
There are twice as many pensioners as employees in Detroit. Pensions are not protected in bankruptcy. The city has shrunk and there are not enough citizens to supply the money the bloated bureaucracy needs. Since government keeps building its nest, local, state, federal, there are fewer workers available for the private sector.
Just like the federal Government they have stolen so much money from the city, this is what happens when you spend more than what you make. Corrupted DC is doing the same thing, don't think for one minute that are Corrupted Congress is going to do anything to stop it. Not one of them has a backbone to stop it.
.....what is the point of "going bankrupt", when we replace lib-tards, with the same scum? this is the reason i left in the first place. cause you could just stand on the corner, and watch business close, or put up signs to close.