The Moderate Voice: "Detroit is the tip of the generational iceberg." "The potentially catastrophic fiscal consequences of the retirement of the huge Baby Boom generation have been the subject of economists’ nightmares for decades. Those disastrous scenarios are now present reality. America’s retirement systems are exposed as Ponzi schemes, transferring wealth from today’s workers (those that can find jobs) to retirees. And the retirees have little need to compromise even in the face of daunting fiscal realities, because they control all of the high ground in the political and legal systems. As long as they can stubbornly refuse to recognize the fiscal plight of cities, states, and the country, no reform can happen. Instead, we will continue to get decisions like that issued by the Michigan court."
In case you missed it, for the seventh consecutive year, the Trustees of Social Security and Medicare have put out a "funding warning" indicating that entitlement spending cannot continue at its current rate. What has Washington done? Nothing. Let the trust funds run dry and deal with the fallout later - it's the Detroit way.