Broken promises and broken hearts
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The bankruptcy of Detroit, which has been a widely appreciated fact for some time now, has now become sanctioned by law. As Reuters reports:
Detroit is eligible for bankruptcy protection, a U.S. judge ruled on Tuesday after determining the city is broke and had too many creditors to make negotiations over more than $18 billion in city debts and other obligations possible.
Those “obligations” include the pensions that were promised municipal employees who are now retired and had assumed that promises made by the city were good.