Apparently, Shared Sacrifice Means Sixteen Cents on the Dollar

I have no idea what these retirees are supposed to do (boldface mine):

Allen and his colleagues are among 30,000 Detroit city workers, past and present, who are about to learn what will happen to their pensions and healthcare if the city is allowed to file for a historic bankruptcy – the largest of its kind in history…

The affected workers are owed about $3.5bn, in total, in pension payments, and another $6bn in healthcare benefits. The average Detroit pensioner gets $19,000 a year; a deal that gave 16 cents to the dollar would cut the benefit to $3,040.

Most aren’t eligible for Social Security either (they didn’t pay into it).

Back when the internets were very concerned about Big Shitpile (the housing crisis), many people took great umbrage at the idea that people should break these contracts, especially since many were essentially fraudulent (e.g., appraisal fraud). Yet many Very Serious People have no problem screwing over these workers who are hardly living high on the hog.

Shameful.

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2 Responses to Apparently, Shared Sacrifice Means Sixteen Cents on the Dollar

  1. Seth Kahn says:

    Not shameful. Loathsome. Despicable.

  2. Bardiac says:

    That’s got to be criminal. They worked all those years, and the city was supposed to be setting aside for their retirement, and it didn’t? Did the city treat retirement like some sort of ponzi scheme?

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