Nine cities that could soon follow Detroit into bankruptcy

tough times cc

“Don’t ask for whom the (debt) bell tolls, it tolls for thee.”

Decades of mismanagement and irresponsible pension promises are pushing many US cities to the brink. Detroit has gone over the falls. More cities will join it on the rocks soon.

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43 comments
Mary Geiger
Mary Geiger

I think most large corporations who promise their employees some sort of pension are required by the government to fund it thru' a third party.

Thomas Walls
Thomas Walls

No Jobs Here,Corrupt as a 3 dollar bill,O'Malley Sucks.

Steve Martin
Steve Martin

Here's a thought. Stop offering lifelong pensions to newly hired government employees. Figure out a way to honor the outrageous commitment that was contractually offered to retired individuals. For existing employees, calculate contributions made to the program thus far and distribute the funds to the employees to be used for specifically retirement investments. With the benefit discontinued to new hires, the number of people receiving pensions would slowly diminish over time. One day we could hear on the news, "the last governmental pension recipient died today, on to weather and sports".

Daniel Mundschau
Daniel Mundschau

Remember not too long ago when a city dragged down a population, they would pretty much fence it off and set it on fire? I guess we're smarter now....... :/

Fatso Manley
Fatso Manley

You may want to thank your Republicans for that. Lower taxes on the rich means no taxes brought in.

Garry Haralambou
Garry Haralambou

I'd bet most if not all have been run (or ruined) by Dems.

Louis C Carl
Louis C Carl

Well actually non-governmental entities do.

BBQDad
BBQDad

Destroy pensions?  Take it out on the elderly?  Other right-wingers complain about the collapse of Argentina and threaten that, if contracts are not enforceable (as was the case in Argentina), capital will go elsewhere.  

Here, you clowns militate against law that makes contracts enforceable.

You contards only want to keep the law when it benefits you or, more accurately, your 1% elitist overlords.

My parents taught me to respect my elders;  that a deal is a deal;  and that my word is my bond.  That's what separates me from you right-wing, contract-breaking hypocrites.

Only right-wing scum-bags could bray about stealing from the elderly---while wrapping themselves in the Flag.

What goes around comes around.  

One day you too will be old.

AntonioSosa
AntonioSosa

You are right, Don! Commie union bosses + Democrats (socialists/commies) = corruption, poverty, misery, bankruptcy, destruction

Communism destroys individuals and communities. Just look at Cuba, Venezuela... Detroit.

Richard Cornett
Richard Cornett

Has anyone noticed how "BLUE" the cities are that teeter on default! Let them file bankruptcy.......NO BAILOUTS!!!!!!

AntonioSosa
AntonioSosa

If Obama gets his way, our whole country will soon follow Detroit into bankruptcy!

Antonio Sosa
Antonio Sosa

If Obama gets his way, our whole country will soon follow Detroit into bankruptcy!

sundamon
sundamon

The only salvation from public employees and pensions is to get rid of all of them. There is no reason why a few government officials can't hire and contract with private firms to do all of the functions and works  that a government needs to do. Need the trash removed? Hire a private trash collection company that makes the lowest bid. Need to fix roads or landscape parks? Put out the word that the lowest bidder gets the work, and gets paid upon doing the job competently and efficiently. We don't need millions of government workers for these things, the private sector would jump at the opportunity to form companies that bid on public contracts. No government pensions, no government wages, no government insurance, no excessive perks, no government workers. Let the private sector do work, let government govern. Crisis solved.

Don Phillips
Don Phillips

What the unions and the Dems have done to these cities is exactly what Obummer is doing to the country at large - overpromising, overextending and overspending...

Don Phillips
Don Phillips

Let's make one thing clear, it is the fault of PUBLIC EMPLOYEE UNIONS and Democratic party socialism which has caused and is causing these failures. NOT "... a unique mix of civic corruption..." etc etc. There is nothing "unique" about union corruption and Democrat profligacy...

Darrin Shephard
Darrin Shephard

I'm fascinated with how easy it is to walk away from these pensions without penalty. It's too easy to back out after the employees fulfill there end of the deal. A legit pension should be honored.

Arthur Snead
Arthur Snead

Damn sure better believe that won't happen to Houston Dallas San Antonio Austin and so on. If any of you sheeple had half of a half a brain you'd get your ass to Texas

Greg Johnston
Greg Johnston

I bet most of them are ran by progressive leftists.

Lala Sofia Castellanos
Lala Sofia Castellanos

Please add the city of Miami along with Miami Dade County- a real DISASTER AREA- We ALMOST got more public employees than Washington DC and as much corruption.-

Diana Reid
Diana Reid

Nine cities that could soon follow Detroit into bankruptcy Chicago Portland, Ore. Omaha, Neb. Minneapolis Cincinnati Providence, R.I, Trenton N.J Santa Fe, N.M Charleston, W. Va.

Gary Leco
Gary Leco

... and Bradley Manning faces life in prison. Edward Snowden will run for his life all his life. They tried to stop this criminal behavior at the out of control level it is now. The real thieves who stole the retirements of ithe citizens are just living the life.

Brian Allen Fassett
Brian Allen Fassett

This is yet another example of pubic employees shouldn't be allowed to unionize.

Lianne Griffin
Lianne Griffin

I am against about everything Obama does, bc it is all about him & all the vacations he & his family can take!!

Lori A Peterman
Lori A Peterman

Ha! MD and DC are the richest in the country. Good thing that every other states taxpayers support them isn't it.

Kenneth Darden
Kenneth Darden

Ben, you are a moron. A Rethuglican sat in the governor's chair from 1991 to 2003. John Engler. And that was about the time the shit really hit the fan in Detroit. That fat ass all but totally ruined the state. Or did you conveniently forget that?

Rob Weaver
Rob Weaver

I'm rather surprised that Baltimore MD didn't make the list, given the level of mismanagement its had for the past several decades...

Mike McFadden
Mike McFadden

Well isn't that odd, its as if all the cities on the verge of bankruptcy are in trouble due to overly generous, poorly funded public employee retirement programs. Now who could have ever seen that coming?

Mark Cronin
Mark Cronin

Keep taking that free lunch u dumb asses. Ya get what ya deserve.

Ben Love
Ben Love

A fine fucking job you dumbass liberals have done. In 1962, the last year a republican sat in the Governor's office, Detroit led the nation in income per capita! Look at it now! Your dumbassed messiah is making things worse. You should be proud!

Prudence Rochelle
Prudence Rochelle

I think it's time for ALL employers who promise retirement to their employees to have to set that money aside with a third party that will invest wisely and safely. This includes all levels of govt. and should also be done with social security. The govt. should not be allowed to touch that money. Govt. doesn't keep it's promises because it loves to spend our money (for our own good of course). There is so much waste! If they keep spending more than they take in, or tax us to the point where no matter how hard we work we can't get ahead, the country will soon look like Detroit. All of the govt. checks will stop coming to people and I don't even want to contemplate how people will react. They spend the money but not on the important things for society.

V. Scott Gaukel
V. Scott Gaukel

it's all according to plan and falling nicely to the left

Randy Riddle
Randy Riddle

I can't shed tears for American cities. They sold their saddle years ago for federal stipend over merit based commerce.

ducksfeet54
ducksfeet54

@Steve Martin They always blame the Unions and the workers pension plan when the city paid out millions in grafts and payoffs to get the jobs coming into there cities.Corruption was evident for the last forty years but they blame the pension plans when all the city had to do was rather than handle the money they should of let the unions form there own pension system leaving the city out of the loop altogether.Then if anything goes wrong with the pension funds it would be the union that would be responsible to the workers not the city but they would not hand over the money saying that Detroit would invest it in sound investments which would benefit the city.WRONG they dabled with that money for years not thinking that the day would come to pay it back and now the workers and there unions are to blame.Pensions work but only to a point and if the worker rather than having the city invest it they invested it personally into 401 ks it would be lost anysways because the whole system is now corrupt.

Tim_S989
Tim_S989

@BBQDadOne day you too will be smart enough to understand basic economics.  

Actually that's unlikely.

Jamesforever
Jamesforever

@Prudence Rochelle  People should save up for their own retirement. Gold and silver look awesome. End the Federal Reserve. Gold and silver as legal tender only.  It might prevent some bubbles. The whole system is going down.  We spent to much money. We devalued the dollar.  Keynes economy theory is not right. Taxes are to high. To many bad regulations. We need to simplify the regulation. Taxes only  on imports. Politicians should not be paid more than the middle class. That includes the pension funds for working for government.  States taxes should be based upon population.   People should keep more of their money.  

BBQDad
BBQDad

@Tim_S989 @BBQDad  

I understand both microeconomics and macroeconomics at a level that is more than adequate for these discussions.  

One day, perhaps you too will learn enough to understand that the foundation of any socioeconomic system is the enforceability of contracts.  

A deal is a deal or we are nothing.

I reserve my opinion on your intellect.