Wednesday, July 24, 2013

Robert Johnson — The Real Story of Detroit's Collapse

State underfunds its pension system and puts the funds into corporate welfare. Then the fiscal scolds blame it all on poor people.

And not just Detroit. This is SOP.

The Real Story of Detroit's Collapse
Robert Johnson


Malmo's Ghost said...

A federal judge is purportedly going to rule today if the feds can overrule state constitutions regarding pension benefits. If, as expected, the ruling goes against the states, then Illinois will surely be next in line for the meat cleaver. Eventually all government pension promises will be invalidated and reworked considerably downward. This will truly be a sickening watershed moment in the demise of the American working class. Disgusting beyond anymore words.

Matt Franko said...

And seems like the Tigers are having no trouble paying Verlander and Cabrera and Fielder...

Ryan Harris said...

A guaranteed income from a currency user, such as a state or municipality is not the same as a guaranteed income from a currency issuer.

Social security should be required for everyone that receives a paycheck in the country including government employees. Even federal employees and politicians should participate so they have 'skin in the game'.

The Pension Benefit Guarantee Corp obviously was rejected by cities and states because they didn't want to pay the premiums or submit to federal oversight.