I have no idea what these retirees are supposed to do (boldface mine):Allen and his colleagues are among 30,000 Detroit city workers, past and present, who are about to learn what will happen to their pensions and healthcare if the city is allowed to file for a historic bankruptcy – the largest of its kind in history…
Mike the Mad BiologistThe affected workers are owed about $3.5bn, in total, in pension payments, and another $6bn in healthcare benefits. The average Detroit pensioner gets $19,000 a year; a deal that gave 16 cents to the dollar would cut the benefit to $3,040.Most aren’t eligible for Social Security either (they didn’t pay into it).
Apparently, Shared Sacrifice Means Sixteen Cents on the Dollar
(h/t Clonal)
