Broken promises: The group most at risk in Detroit's bankruptcy may be the city's 20,000 retirees (including my father as well as many friends and family members). Of Detroit's overall debt, about half represents pension and health benefits promised to retirees, according to the Washington Post. This is because city leaders borrowed against pension funds and mortgaged the future – not unlike what Washington's leadership is doing to Social Security and Medicare.
What Detroit's Demise Says About America - NationalJournal.com
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