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July 24, 2014

Detroit Bankruptcy Plan a Win for Public Pensioners

Detroit’s record bankruptcy is going to cost some people a fortune – just not public pensioners. “Make no mistake, the city’s 32,000 retirees stand to absorb significant cuts, but they are nothing like the reductions of 27 percent or more that were envisioned in the emergency manager’s restructuring plan released earlier this year,” reports The Washington Post. “Under the revised plan, approved overwhelmingly in a vote of current workers and retirees, former rank-and-file city employees would face 4.5 percent pension cuts, while losing cost-of-living increases.” Michigan Republican Gov. Rick Snyder was able to work a “grand bargain” for the city’s pension funds to receive $816 million from private donors and foundations. The Post adds, “The big losers under the plan as it is shaping up are investors in bonds to fortify the pension funds, as well as bond insurers who backed those deals.” It’s not clear how much they stand to lose, but one thing is clear: Democrats and their policies have devastated the once-proud Motor City. More…

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