All govts at all levels should cut pay, benefits, and pensions in half -- NOW!
A bankruptcy filing is the only way to resolve Detroit's financial problems, especially the billions of dollars in unfunded pensions for city workers, the city's emergency manager Kevyn Orr told "Fox News Sunday."
"There are going to be some adjustments," he said, referring to benefit cuts.
Orr said more than $9 billion of Detroit's $18-billion-plus debt is unfunded pensions ($3.5 billion) and health benefits ($5.7 billion).
"We're going to have a dialogue with the pension funds about what we can do. There are two different funds -- police and fire and general services. And they may have different levels of funding. And all we're talking about in this restructuring is the unfunded component of those pension funds.
"It's significant some of money. Make no mistake about it, and there have to be concessions. Maybe different for each fund, and they're going to be focused on the unfunded portion."
Orr said he's "highly sensitive" to pensioners' feelings because his mother is one of them:
Are you sure they are flush with cash? The SEC has now shown that many cities and some states have been playing games with their revenue, making it look greater than it really is. You should also look at how much unfunded liabilities they have. The United States government has some ninety trillion dollars in unfunded liabilities as well as a seventeen trillion dollar national debt.