Quote Originally Posted by 48307 View Post
"Every city and state [[municipality) in the country has finance problems related to debt" - Simply incorrect. There are many communities even within the Detroit Metro area that have been prudent, made cuts, and do not have "finance problems related to debt"

"- It is ridiculous for the city to commit itself to paying criminal bankers and not pay individuals" - Simply wrong again. The bankers are also taking a bath too. The only difference is that banks are banks, and pensioners are people. Pensions are not being eliminated, but benefits are being reduced, and reduced at a rate much lower than what banks are getting for their debts.

Just about everyone will agree that it's undesirable to be in this situation, however, you simply can't be mad at Orr. Be mad at all the people who had the chance to prevent this before him. Orr is taking the best option in the hand that has been dealt to him. No one will be happy. Bankers won't be happy, pensioners won't be happy, residents are underserved. It's a reality of a city that has lived beyond its means.
The 'notorious' LBPatterson's OC switched towards defined contribution in the 1990s. Detroit didn't. Orr was still in Pampers. I know some OC workers. They are quite happy with their pension arrangements and have done well with them in spite of the financial ups and downs. Most of those on defined benefit moved over to defined contribution, because it works well. Detroit on the other hand just kept screaming about how defined contribution is a war on the workers.