Detroit Public School System Ponders Bankruptcy
http://tinyurl.com/l8bmpq
"This looks like a done deal to me.
The employment contracts and pension plans are untenable, wage and benefit reductions of 50% outside of bankruptcy are virtually impossible, and there is no money to be found anywhere unless Obama comes to the rescue.
No large school district nationwide, has ever filed for bankruptcy...
With that, the pension time bomb has finally gone off.
And if the judge dramatically slashes wage contracts and pensions, which is what every taxpayer everywhere should be hoping, it will set a nice precedent for other over-burdened school districts to follow suit."
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
http://tinyurl.com/l8bmpq
"This looks like a done deal to me.
The employment contracts and pension plans are untenable, wage and benefit reductions of 50% outside of bankruptcy are virtually impossible, and there is no money to be found anywhere unless Obama comes to the rescue.
No large school district nationwide, has ever filed for bankruptcy...
With that, the pension time bomb has finally gone off.
And if the judge dramatically slashes wage contracts and pensions, which is what every taxpayer everywhere should be hoping, it will set a nice precedent for other over-burdened school districts to follow suit."
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
How this bombshell is handled will set the tone for future fixin' or future destruction of our local schools.
No comments:
Post a Comment