Last Wednesday, the fate of Detroit City will be determined in federal court opposed to at the state level. The Court ruled that although the filing will continue in federal court, "the court is making no ruling whatsoever on whether the city is eligible to be a debtor under Chapter 9" or on whether Governor Snyder was right to file for bankruptcy.
Pensioners and unionized employees fear the move has put the pensions and benefits of its employees at great risk. Michigan, one of nine states which protect pensions from being "diminished or impaired" under Article IX, Section 24 of Michigan's state constitution.
While bankruptcy can alleviate Detroit's immediate debt crisis, the long term prognosis remains virtually unchanged. Without an economic solution to provide the sprawling metropolis with a tax base to sustain its' infrastructure, Detroit will face the same challenges that created this urban wasteland.
Please join Fred & Marg on BTR's Lies My Country Told Me, "Detroit II: Solutions" on Saturday, July, 27th at 2:00 pm EST, 1:00 pm Central, 12:00 pm Mountain, 11:00 am Pacific, and 3:00 pm Atlantic and 3:30 pm in Newfoundland. Join us in the chatroom or call us at (347) 677-1814 with your opinion.
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