Federal judge lets Detroit move forward with largest bankruptcy in U.S. history
(FTMDaily.com) A Federal judge has formally declared that Detroit is bankrupt.
U.S. bankruptcy judge Steven Rhodes:
“It is indeed a momentous day… We have here a judicial finding that this once-proud city cannot pay its debts. At the same time, it has an opportunity for a fresh start. I hope that everybody associated with the city will recognize that opportunity.”
After years of fiscal mismanagement and government waste, Detroit is faced with $18.5 billion in debt.
The city:
– has 9,700 workers while 21,000 current retirees are drawing benefits.
– has 78,000 abandoned buildings.
– reports an average police response time of 58 minutes (Compared to 11 minute national avg.)
– is burdened with of $3.5 billion in unfunded pension liabilities and has unfunded health care liabilities totaling $5.7 billion.
And 40 percent of the city’s streetlights do not work.
Other municipalities across the country are studying the Detroit case closely. If the deep cuts to pension benefits stick, get ready for a wave of copycats.
For the first time in nearly 40 years, a majority of Americans believe the United States is less important around the world and that it should mind its own business.
Thieves in Mexico have stolen a truck containing potentially “extremely dangerous” radioactive material used in medical treatment, according to the UN.
Guardian editor Alan Rusbridger on Tuesday vigorously defended his decision to publish a series of articles based on the secret files leaked by former National Security Agency contractor Edward Snowden, telling a parliamentary committee that the right to continue pursuing the story goes to the heart of press freedoms and democracy in Britain.
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