Friday, July 19, 2013

Where do you think you're going?

Ricochet: "Detroit judge: You can't win, you can't draw, you can't leave the game."  A judge in Michigan declared that Detroit can't declare bankruptcy because, well, somebody has to pay for pensions.  Cough it up, rest of Michigan.  "Detroit is $18 billion in debt. A judge demands now that it adds to that total, because the state's constitution says so and because the public workers who have overseen the city's demise demand that someone else's ox be gored."


Tregonsee said...

If Detroit is not technically BK, than I expect a lot of people are frantically moving money around. When BK is restored, as it must, the lawyers will have an even bigger paycheck deciding whether the money is in fact covered retroactively.

The Pledge of Expedience said...

The party of personal responsibility sure loves to cherrypick which kinds of contracts are legally inviolate and moral obligations, and which ones are just silly, outdated suggestions.

Pensions are mutable, but the top tax rate must never be raised. For God's sake, some people plan their financial futures on those numbers!