ZION'S TRUMPET
1Blow ye the trumpet in Zion, and sound an alarm in my holy mountain: let all the inhabitants of the land tremble: for the day of the LORD cometh, for it is nigh at hand; Joel 2:1
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It’s Funny How Math Works

October 29, 2013

Leftist Utopia Update: Democrat-Run Detroit Plans To Cut Pensions By 84%

28Oct

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Another Democrat Success Story… Detroit Plans To Cut Pensions By 84% Or 16¢ On The Dollar – Gateway Pundit

The 23,500 pensioners in Detroit are going to have to adjust their budgets. The city plans on cutting pensions by 84 percent.

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Doug Ross and Reuters reported:

On Friday, city financial consultant Kenneth Buckfire said he did not have to recommend to Orr that pensions for the city’s retirees be cut as a way to help Detroit navigate through debts and liabilities that total $18.5 billion.

Buckfire said it was clear that the city did not have the funds to pay the unsecured pension payouts without cutting them.

“It was a function of the mathematics,” said Buckfire, who said he did not think it was necessary for him or anyone else to recommend pension cuts to Orr.

“Are you saying it was so self-evident that no one had to say it?” asked Claude Montgomery, attorney for a committee of retirees that was created by Rhodes.

“Yes,” Buckfire answered.

Buckfire, a Detroit native and investment banker with restructuring experience, later told the court the city plans to pay unsecured creditors, including the city’s pensioners, 16 cents on the dollar. There are about 23,500 city retirees.

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