Detroit Owes Its Workers Their Pension Benefits
Demos Senior Fellow Wallace Turbeville appeared on Fox Business'The Willis Report to discuss Detroit's bankruptcy. Pushing back against claims that the city has the right to further reduce what it owes in pension benefits and that the union's position is unreasonable, Turbeville pointed out:
In fact, the pension benefits were cut by 40% last year. The average non-uniformed worker in the city of Detroit [will receive a benefit] of about $18,000 per year. So this is not a grandiose situation. The pension obligation is about 4% of total revenues. I think it's fair to say, the pension issue has been blown out of proportion.
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