Detroit: An Example of Midwestern Decline, A Reluctant Model for Pension Reform

As Detroit files for bankruptcy, the fate of its pension obligations should grab your attention, as it’ll probably set a precedent. Extraordinarily few governments (on all levels) adequately fund pensions and over-promise on benefits. Complicating that, most states constitutionally guarantee pensions (Michigan included), and how Detroit unites constitutional law with economic reality will be taken as […]