Detroit allegedly faces a 30-year, $3.5 billion pension funding gap (and its worth stressing the word “allegedly”). That’s about $100 million a year. At the same time, Michigan spends $6.5 billion a year on taxpayer subsidies to corporations. So when the politicians running Michigan’s state government claim there are no resources that could shore up the pension plan, that’s just not true. What is true is that there’s plenty of money for the state and city to meet the pension promises they made to public employees – but politicians in charge of spending want that money to go to corporations that disproportionately fund politicians’ election campaigns. To insist otherwise – to do what Orr is doing and pretend there’s no money around – is just shockingly dishonest.
Posted on: Thu, 22 May 2014 17:10:29 +0000
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