Bring in the EFM!

[313WX]

Please, it didn't take a genius to see how untenable those pensions were. We just chose to ignore the predicament because we know we could kick that can down the line for decades. I don't believe most pension plans were designed in good conscience - it was a calculated money grab. I mean, who wouldn't try to secure as much money as possible for themselves? You've got to look out for #1.

Those pensioners in Florida and Arizona knew they could never afford to make such a move unless they gamed the system. Most of them are getting checks as retirees that most younger people in the city and declining suburbs would consider big money. It's insane.

The pension system is from an era wher everyone had access to high paying manufacturing jobs, and thus many municipalities were raking in the tax dollars. You're correct however with the fact that no one thought the party would end [[I.E., the decline in union membership, offshoring, etc.).

Those days are long gone now. The debt that has been acumulated thus far is no longer sustainable and will have to be restructured. Yes, subrubanites who's taxes go up, the rubber stamper Gary Brown who receives a pension from the city and Snyder who's administration will be looked upon horribly for his state's largest city failing won't like it, but it's going to have to happen eventually if we're serious about fixing Detroit's financial crisis.