That's basically what the US government gave the Social Security Administration when congress folded all of the Social Security cash in with all of the other US assets and spent it on fighting wars and etc.
Of course the old folks might get their pensions eventually if the USA doesn't file for bankruptcy.
There are 706,585 people living in Detroit.
That's $463.00 per person.
That's completely undoable? A special assessment of sorts?
Another question: Are policemen, firemen, paramedics, teachers and all other Detroit public workers required to live in the city? If not? They should be. Chicago, Illinois has that requirement. It's the only thing that keeps the city alive.
Anyone have answers?
Edit: Wait!!! The $327 million is their deficit. Their debt is $18.4 billion. Holy crap. That's a different horse: that's $26,000 per resident.
Last edited by MaggieD; 07-19-13 at 05:24 PM.
Thank you, Quazi!
Here's what I think ought to happen: Each worker should get back every dime they've paid into their retirement program -- compounded at a certain %. Then, the City of Detroit should be forced to contribute both sides of Social Security and Medicare Taxes on their workers' behalf. (Paying both sides as a penalty for being assholes.)***
This would put these public sector workers on the same footing that 70% of the private sector finds itself. After that? If they don't like the new arrangement? They can look for other jobs.
***Orrrrrrr, the whole mess is turned over to the Pension Benefit Guaranty Corporation (the U.S. government) and they pay out according to their formula -- just like the rest of the world.
*Maggie dusts off her hands and pours herself a glass of wine*
Thank you, Quazi!
If, when defending your support for Donald Trump, and your response is,
"But but but... HILLARY!!!", then you lost the argument before you even began.
Governments cannot declare bankruptcy IMHO, governments should always pay their way. If a company goes into business with individuals and/or companies he knows he always runs the risk of not getting paid due to bankruptcy risks, but a company should always be able to count on getting paid by government in any shape or form.
Governments have to pay their way, always and in all situations and not weasel out by declaring bankruptcy.
Dutch Medal count Paralympics Rio 17 gold 19 silver 26 bronze
BLADE BABE STRIKES AGAIN!!!