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Financial emergency: Detroit unable to fix budget woes

The Giant Noodle

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And it seems to be all about pensions. Why do we still have pensions!? Every single working American should have ONE option. Social Security. This pension crap is choking the financial properity of many States and it needs to stop! No pensions! It would stregthen Social Security and let States breathe.

The report found the Motor City faces a cumulative cash deficit of more than $100 million by June 30, 2013 if "significant spending cuts" are not made. Detroit has $14 billion in employee retirement liabilities and unfunded pensions, and will need $1.9 billion over the next five years to pay off other long-term liabilities. The city has been running deficits every year since 2005, according to the review team.
The city's population, and with it its tax base, has plunged in recent decades. Detroit has been hit hard by the decline of the auto industry, foreclosures and crime -- all factors that have played a part in its economic misfortunes. "While we all know there is financial strain in the city, there is also not an ability or a mechanism in place for the city to address it absent of a finding of emergency," said Dillon.

'Financial emergency': Economic review finds Detroit unable to fix budget woes - U.S. News
 
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