Are You Ready to Pay for Detroit's Bad Choices?

Detroit is bankrupt.  They are the largest municipality to go bankrupt.  Their bankruptcy is moving forward, despite a judge's attempted rejection of it because it dishonors the president.  It's happening despite the president promising that he wouldn't let Detroit go bankrupt.  Fifty years ago Detroit was among the wealthiest cities in America.  And then the Democrats were exclusively elected, and exclusively elected for the last 50 years.

The majority of the debt that the city has is tied up in pension liabilities and other debt related to having large local government, many employees, and lots of promises of payments in the future with money they didn't have at the time.  Estimates have been made that the city has 100,000 creditors and their unfunded liabilities approach $20 billion.  They have 10,000 employees and 20,000 retirees, which is way out of balance.  More than 1.1 million people have simply moved out of the city.  There's a bunch more stats like that which show just how far Detroit has fallen. 

There are proposals being floated of Detroit potentially getting a federal bailout.  That means your tax payer dollars would be used to bail out the bad choices of Detroit.  For decades they have made bad decisions with money they didn't have, now it's caught up to them, and it's possible that they won't have to face the consequences of those decisions.  Are you ok with that?

Other proposals include moving all those retirees to Obamacare.  That again moves the cost of that from Detroit to the nation's taxpayers.  With the cost of health care increasing because of Obamacare, I can't see how this solution would help, either.  Do you want to pay for their bad choices?  We don't have the money to pay for many things the federal government has liability for, how do we expect to pay for bailouts of cities?

BTW, Chicago is on the same path as Detroit.  And they're not alone.  Estimates are that nationwide pension fund shortfalls are over $2 trillion.  We've been promising people money for a long time that we simply don't have, and the bills are coming due.