Detroit bankruptcy proposal would leave pensioners with 16 cents on the dollar:
It is pathetic that all of these people who contributed to pension funds throughout their working careers are getting only .16 cent on a dollar instead of their full retirement pay.
It was always my understanding that these pension funds were supposedly protected by the federal government but in this day and age and the shape our government is in that doesn’t mean a hell of a lot. I wonder if congress would every let this happen to themselves or all the federal employees????? We all know the answer to that.
“It’s wrong on every possible level,”Gillon, 68, told FoxNews.com. “I earned my pension. I retired expecting it and I feel that I should have it.
To add insult to injury to their financial situation, many of these people may have to go back to work at 70 years old so they can eat. Most probably they are going to get caught up in the “Affordable health care” issue as well.
That in it’s self should be one of the primary reasons the government should be taking care of it’s own citizens instead of pass out dollars all around the world.
Detroit is 20 billion dollars in debt; that is a phenomenal financial bind for any city to get itself into. Situations like this were not hatched over-night; they have been festering for many years. Total mismanagement!
This may be a prelude for a lot more cities to follow suit. Isn’t that the American way; totally mismanage your finances and then file bankruptcy?