{"id":22569,"date":"2014-04-17T08:04:40","date_gmt":"2014-04-17T12:04:40","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=22569"},"modified":"2014-04-17T08:04:41","modified_gmt":"2014-04-17T12:04:41","slug":"yes-we-are-bailing-out-detroit","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=22569","title":{"rendered":"Yes, We Are Bailing Out Detroit"},"content":{"rendered":"

Yesterday the Daily Caller<\/a> reported that despite denials by the White House<\/a>, Washington is bailing out Detroit<\/a>. The bailout of $100 million is being described as \u201cblight remediation.\u201d<\/p>\n

The article reports:<\/p>\n

…it (the $100 Million<\/a>) allows the city\u2019s new managers to reshuffle more cash into the city employees\u2019 pension funds, which were looted by city and union officials for several decades.<\/strong><\/p>\n

The stealth bailout was exposed by the Detroit Free Press<\/a>, which said the $100 million would be taken from the so-called \u201cHardest Hit Fund<\/a>.\u201d That fund was created by the administration in 2010 to counter the disastrous implosion of the federally-inflated real estate bubble.<\/strong><\/p>\n

Evidently the “Hardest Hit Fund” had been drained over the years by unconventional practices, including the periodic payout of funds to employees in years when the funds\u2019 value were boosted by Wall Street<\/a> investments.<\/p>\n

Keep in mind that the stock market has been in fairly good shape over the last few years due to the influx of money from quantitative easing. That should have kept the funds viable had they been handled properly.<\/p>\n

The article further reports:<\/p>\n

Detroit has been under Democratic control since the departure of Louis Miriani<\/a> in 1962, when the city\u2019s residents had the nation\u2019s highest per capita income.<\/strong><\/p>\n

The city crashed in the 1970s, amid racial acrimony and incompetent management at the city\u2019s vital auto plants.<\/strong><\/p>\n

Many other cities and states face severe pension difficulties. They\u2019re led by Chicago and Los Angeles<\/a>, where Democratic control has boosted the pensions of government employees.<\/strong><\/p>\n

Michigan\u2019s Republican governor, Rick Snyder<\/a>, has promised to send $350 million in state funds to the city.<\/strong><\/p>\n

It matters who runs your city. Part of the problem is unfunded liabilities (large pensions promised to union government employees). In order to get our cities and states under financial control, we need to make sure that the promises we make to our municipal and state employees are paid for at the time the promises are made. The federal government can print money–states and cities cannot.<\/p>\n

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\"Enhanced<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Yesterday the Daily Caller reported that despite denials by the White House, Washington is bailing out Detroit. The bailout of $100 million is being described as \u201cblight remediation.\u201d The article reports: …it (the $100 Million) allows the city\u2019s new managers … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[174,339,259,4880,7419,144,4526,211],"class_list":["post-22569","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-daily-caller","tag-detroit","tag-detroit-free-press","tag-hardest-hit-fund","tag-louis-miriani","tag-michigan","tag-rick-snyder","tag-white-house"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/22569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22569"}],"version-history":[{"count":2,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/22569\/revisions"}],"predecessor-version":[{"id":22571,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/22569\/revisions\/22571"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}