Bankrupt Detroit: Could Cut CURRENT Retirement Payments by 84%–Lesson for California Unions

We already know that pension systems in Alabama and Rhode Island have given a “haircut” to current pensioners by 24 to 100% (nothing sent at all).  Now the bankrupt Detroit is looking at its’ deficit ridden pension system.  It could be that those now receiving pension payments will have them cut back by 84%.  But, the retirees got themselves into this mess.  For years they paid “dues” to a union that represented them.  The union never told them the high wages came with a black cloud—that it would bankrupt the city and force the end of most of their pensions.
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