Tuesday, December 3, 2013

Public Employee Unions Lose Big In Detroit

In a precedent setting court case in bankrupt Detroit City, Public Employee Unions lost big related to their pension benefits.  These Unions helped bankrupt Detroit in the last 50 years, negotiating compensation and benefits, including pensions, with corrupt Socialist city elected officials, that simply were not sustainable.  The rubber hit the road when Detroit had to file for bankruptcy.  The judge ruled that Union employees are just one more creditor in line with their hands out for their pension money. 

That means that they get no preference related to city funds now or in the future.  What will happen as a result is that the city of Detroit is likely to pay out 10 cents on a dollar in pension benefits because there simply is no money to do otherwise.  Naturally, the Union members that have been feeding at the trough for years are furious.  And, this ruling has national implications.  Obviously, it is impossible to raise taxes in Detroit to pay these pension benefits because there is no one left in Detroit to tax.  Most of the people who live in Detroit City are on the dole.  And, many companies left Detroit years ago because it became a drug infested hell hole.

There are more than 60,000 abandoned properties in Detroit City.  This city is a poster child for years of Socialist mismanagement.   Once one of the most prosperous cities in America, Detroit is today a ghost town as a result of corrupt Socialist governance.   And, there may be another 100 cities in the United States, as well as states like Illinois and California that are headed down the same road.  High taxes and regulations push out business and jobs, which begins the death spiral.  Public Employees Unions milk the system for all they can get until the balloon bursts. 

Sadly, Socialist President Obama is doing to America what his corrupt pals in Detroit did to that city.   The United States continues to borrow $800 Billion a year or more adding to our $17 Trillion National Debt.   The Federal Reserve continues to print money, devaluing the dollar to buy government debt that no other investors want.  Entitlements including ObamaCare are out of control.  Eventually, the Markets will say ENOUGH and when that day comes we will see the economic collapse of the United States just like in Detroit City. 

Watch what is happening in Detroit and many other cities and states in the US and you will see the end of our national story.  It will not be pretty.  Buy Guns, Gold and Real Estate to protect your family from the civil strife we will see on our streets one day.  Unless we change direction and soon to stop the fiscal insanity in Washington DC, Detroit City will be America. 

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