If there is an organizing principle in Detroit's bankruptcy settlement, it is that those at the forefront of fleecing the
city will get the sweetest deal and the innocent victims will get the shaft.
How else to interpret the recent efforts by both the Democratic White House and the Republican Gov. Rick Snyder to look for ever-more creative ways to handover taxpayer money to city retirees, I ask in my morning column at the Washington Examiner?
"Detroit is facing such a huge hole because, thanks to union opposition, it adopted none of the sound pension management practices that the rest of the civilized world embraced—while inventing many unsound ones of its own."
However, instead of reforming these practices, the deal that Emergency Manager Keyvn Orr negotiated bails out the unions.
Left out of the equation are residents who have paid for such profligacy by having to live in a city where rats (both human and real) rule the streets.
Go here to read the whole thing.