Another city living the Obama dream.
DETROIT — Detroit’s attempt to avoid bankruptcy will hit a critical stage next week as emergency manager Kevyn Orr brings together dozens of creditors to present a stark offer: less than 10 cents on the dollar for the loans, bonds, retiree obligations and other debts that have been strangling the city for years.
Orr is expected to meet late next week — his office wouldn’t say exactly when, but the location likely will be near Metro Airport — with as many as 150 representatives of the city’s major creditors, from big national banks that hold the city’s bonds and insurers who guarantee them, to unions and pensioners who rely on the city for retirement income and health care.
So Detroit owes $15B in long term debt — big deal!
http://www.mlive.com/news/detroit/index.ssf/2013/05/detroit_em_kevyn_orr_city_clea.html
Ontario Canada owes over $281 Billion — see here:
http://www.ofina.on.ca/borrowing_debt/debt.htm
Mostly due to paying for Green Energy — because of the Green Energy Act (The GEA). Lucky Detroit.
If the clowns in Detroit that ran up their debt took over Queens Park (Or Parliament Buildings) it would appear to be sound fiscal management!
Have a Cheery Day!
And the Toronto mayor is on crack
Cheapskates!
U.S. unfunded Social Security and Medicare benefits total $107 trillion.
$107,000,000,000,000
http://www.ncpa.org/pub/ba662