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Detroit: Pensions, Racism and Bankruptcy
Ross Eisenbrey, VP, Economic Policy Institute
Richard (RJ) Eskow, Senior Fellow, Campaign for America's Future
Al Garrett, President AFSCME Council 25
Detroit's economic woes can be tracked to capital flight, governmental policies and the results of institutional racism, not the wages and benefits of its public workers. But, ignoring these bedrock realities Michigan's Governor Snyder has appointed an Emergency Financial Manager for the financially strapped Detroit, Kevyn Orr's who has rushed into bankruptcy - seeking to balance the books on the backs of the workers. His bankruptcy filing will result in the pilfering of workers' pension funds, while fundamentally ignoring the causes of the City's fiscal crisis. Bankruptcy will seriously wound pensioners, despite the fact that the unfunded portion of the pension funds are miniscule and unconstitutional under Michigan's
Constitution. Orr's undue attention to public workers pensions is part of a nation -wide trend targeting the retirement security of working Americans -- especially pensions, Social Security, and Medicare.
produced by Ken Nash and Mimi Rosenberg
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