The Real Story Behind the Detroit Pension Fight and What it

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The Real Story Behind the Detroit Pension Fight and What it Means to America's Future

When the city of Detroit filed for Chapter 9 bankruptcy in July 2013, America sucked in a collective gasp. This was the largest municipal bankruptcy attorney san diego filing in U.S. history by the amount of debt ($18 to $20 billion), and Detroit was the largest city ever to officially go bust.

A few months before the san diego bankruptcy, the city of bankcruptcy san diegoappointed an emergency manager, Kevyn Orr, to sort things out in Motor City. Orr was given extraordinary powers to rewrite contracts and liquidate some of the city’s most valuable assets. The burning question: Who would be responsible for the enormous debt? Soon enough it became clear that the folks who would be asked to take the hit were not those who created the problems. Just as in so many other parts of the world in the wake of the 2007-08 financial meltdown, innocent people who did nothing but get up every day and go to work would be asked to pay the bill.

Recently, Orr blasted retirees for resisting his plan to drastically cut their pensions -- 26 percent for general retirees and 6 percent for police and fire, and even more, 34 percent and 10 percent, respectively, if they do not agree quickly.

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