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A sudden change of fortune for 32,400 Detroit pensioners in the city’s historic bankruptcy — from the threat of draconian pension cuts to a modest reduction in lifetime benefits — could face mathematical scrutiny as the case proceeds, experts say.
In just 10 months, Detroit Emergency Manager Kevyn Orr has gone from offering pensioners double-digit percentage reductions in benefits to potentially settling for baseline cuts of as little as 4.5 percent.
U.S. Bankruptcy Judge Steven Rhodes last week approved an agreement that has the city of Detroit paying $85 million to escape a disastrous interest-rate swap deal with two banks.
Detroit Emergency Manager Kevyn Orr, for one, applauded the decision.
“Today’s ruling is a victory for Detroiters that will help the city reinvest in the services it provides its residents and businesses,” Orr said in a prepared statement. “We’re making good progress in reaching consensual resolutions with our creditors and stakeholders.”
Vishaan Chakrabarti has a great op-ed yesterday that asks a question that we've asked here before: Why does our government so heavily subsidize the suburbs when urban living makes more sense: environmentally, economically, and culturally?
It is indeed remarkable that the Detroit’s Emergency Manager Kevyn Orr has agreed that existing pensioners can receive virtually all of their retirement benefits in a startling settlement proposal. Police and fire will receive their entire amounts (minus a portion of cost of living adjustment) while other former employees will receive 96 percent (minus all cost of living). This is quite a distance from the 5 percent and 26 percent haircuts previously threatened.
It's no secret that when the wealthy speak, the powerful listen. What else would you expect when the average cost of winning a House seat has soared by 344 percent since 1986? But the other side of this coin tends to get less attention: How do the powerful respond to the voices of ordinary people -- those who aren't part of the "donor class?"
NEW YORK— Yesterday, New York joined ten states and the District of Columbia to enact a National Popular Vote Interstate Compact (NPVIC) proposal. NPVIC, if enacted, would award all of a state’s electoral votes to the winner of the national popular vote, ensuring the winner of the popular vote wins the presidency. NPVIC, which takes effect when enacted by states representing a majority of electors, has now received over half of the state laws it needs to be realized.
New York adopting the National Popular Vote proposal is a victory for democracy
A newly-released study by Demos, a think-tank, shows that there is a correlation between income and voter turnout in presidential elections. Using the 2008 presidential election as a reference for the study, Demos found that the richer an individual is, the more likely they are to vote.
Even if Paul Ryan's latest draconian budget plan gets safely filed away and forgotten, all forms of discretionary government spending face a relentless squeeze over the next decade. President Obama's own most recent proposed budget would bring such spending down to levels not seen since Eisenhower. Why all the pain? Because many Democrats would rather cut crucial programs than mount a fight to raise taxes.
The same day President Obama was at Al Sharpton’s National Action Network conference deriding and lambasting voter ID laws, I was on a plane with the pro-voter ID blogger J. Christian Adams. Between the two of us, you won’t find two people at farther opposing ends of the voting rights spectrum.