Detroit's application to enter bankruptcy has hit a major snag.
An Ingham County judge says Thursday's historic Detroit bankruptcy filing violates the Michigan Constitution and state law and must be withdrawn ...the Michigan Constitution prohibits actions that will lessen the pension benefits of public employees, including those in the City of Detroit.
Who do you suppose applied the political pressure to have this written into Michigan's State Constitution?
The accrued financial benefits of each pension plan and retirement system of the state and its political subdivisions shall be a contractual obligation thereof which shall not be diminished or impaired thereby.
Financial benefits arising on account of service rendered in each fiscal year shall be funded during that year and such funding shall not be used for financing unfunded accrued liabilities.
ichigan was flush back in the 1960's when this section was passed. Detroit was sitting on top of the world w/r/t wages. Some idiots blame big business for the dramatic changes since then, but Detroit has been run by Democrats since 1961. An Ingham County judge says Thursday's historic Detroit bankruptcy filing violates the Michigan Constitution and state law and must be withdrawn ...the Michigan Constitution prohibits actions that will lessen the pension benefits of public employees, including those in the City of Detroit.
Who do you suppose applied the political pressure to have this written into Michigan's State Constitution?
STATE CONSTITUTION (EXCERPT)
CONSTITUTION OF MICHIGAN OF 1963
§ 24 Public pension plans and retirement systems, obligation.
The accrued financial benefits of each pension plan and retirement system of the state and its political subdivisions shall be a contractual obligation thereof which shall not be diminished or impaired thereby.
Financial benefits arising on account of service rendered in each fiscal year shall be funded during that year and such funding shall not be used for financing unfunded accrued liabilities.
History: Const. 1963, Art. IX, § 24, Eff. Jan. 1, 1964
M
American Big Business manifested it's displeasure with Detroit the same way Germans living in East Berlin manifested their displeasure over the construction of the Iron Curtain. With their feet!
Both occurred the exact same year - 1961.
Let's look at Detroit and East Berlin back in 1961.
Detroit - Jobs and Prosperity
East Berlin - Oppression and Flight
East Berlin Today
Detroit Today
2 comments:
Sadly, few people ever learn from history.
Gorges -and fewer people act on it.
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