The politicians ran up the debt in Detroit, but business didn’t want to pay taxes, so when the can couldn’t be kicked further down the road the Republican-appointed Czar for the City wants to use the City’s pension funds to pay off the debt. Detroit may well be the 1%’s model for handling the debt that the U.S. Government has accumulated.
Lesson for workers, never accept promises about deferred compensation, demand pay now, or no work. If you do the responsible thing, you’ll be screwed out of your savings in the future. This is a Class War and the 1% know what they are fighting and are prepared to do anything to win. The 99% still think the 1% are just a few folks who got lucky. Which is why the 99% is losing.