I wonder what the pension folks will get in the end. You have to assume that the city's contribution to health care will be either wiped out or reduced to a small subsidy. If they get 30-50 cents on the dollar for the pension part, that's only something like 15-30 cents on the dollar for the combined pension plus health care.

Facing that reality, Orr's "opening offer" of about 10 cents on the dollar doesn't seem that bad, provided he would have been willing to negotiate up substantially, to something like 40 cents.

It's really just stunning to actually see "in print", regardless of where you fall on the issue, though.