What a scary time.
[Image via New York Times.]
There’s not a whole lot of good news coming out of Detroit lately. Well, other than Eminem’s new album.
But even Slim Shady himself can’t save the Motor City from their financial woes.
This week, Judge Steven W. Rhodes ruled that the largest municipal bankruptcy in history would be allowed to move forward. The verdict is exactly what city workers and area retirees DIDN’T want to hear, since this puts them at risk of losing their pensions!
Detroit can now treat their pension plans the same as any other contract in bankruptcy, meaning those benefits could soon be cut!
The city’s unfunded pension liability is staggering too, sitting somewhere between 3.5 and 8 BILLION DOLLARS!!!
Judge Rhodes delivered his decision in a downtown courtroom, saying:
“It is indeed a momentous day. We have a finding that this proud and once prosperous city is unable to pay its debts. But [the bankruptcy case] is an opportunity for a fresh start.”
There’s no other way to put it: this sucks.
We have our fingers crossed for you, people of Detroit! Let’s hope the money you rightfully earned finds its way into your pockets!
[Image via Twitter.]