Detroit Plans to Cut Pensions by 84% or 16¢ on the Dollar

Memo to Union employees, you reap what you sow.

Another Democrat Success Story— The 23,500 pensioners in Detroit are going to have to adjust their budgets. The city plans on cutting pensions by 84 percent. Doug Ross and Reuters reported:

On Friday, city financial consultant Kenneth Buckfire said he did not have to recommend to Orr that pensions for the city’s retirees be cut as a way to help Detroit navigate through debts and liabilities that total $18.5 billion.

Buckfire said it was clear that the city did not have the funds to pay the unsecured pension payouts without cutting them.

“It was a function of the mathematics,” said Buckfire, who said he did not think it was necessary for him or anyone else to recommend pension cuts to Orr.