City of Detroit files Chapter 9 bankruptcy. How's that Democratic Party rule for 51 years working out?

First by them Filing a Chapter 9, this will not stop the Pension or Medical Benefits of it's Employees, that is not what a Chapter 9 does under the Federal Bankruptcy Laws. It will not effect their benefits at all.

A Municipality Debt, is just that, they have to form a Filing to reorganize their debts, all of them/

Purpose of Municipal Bankruptcy:

The purpose of Chapter 9 is to provide a financially-distressed municipality protection from it's creditors while it develops and negotiates a plan for adjusting it's debts. Reorganization of the debts of a municipality is typically accomplished either by extending debt maturities, reducing the amount of principal or interest, or refinancing the debt by obtaining a new loan.

The Law governing Chapter 9 has been amended several times since 1937, less the more than 60 years since Congress established a federal mechanism for the resolution of municipal debts, there have been fewer than 500 municipal bankruptcies filed. Although Chapter 9 cases are rare, a filing by a large municipality can--like the one filed by Orange County, California, in 1994, relieve and return the City to it's full natural power and all monies reestablished without interruption of Employees Medical or Pension Benefits.

Orange County, California's municipality was fully restored after filing Chapter 9 Bankruptcy, with no loss of benefits to their current employees or retirees.

So, while Chicago has filed a Chapter 9 Bankruptcy, means that they restructuring their budgets and will keep full power of the City and State Statues, as Orange County, California.

Just because a City files for protection under Chapter 9, does not mean any State or Federal Politicians had anything to do with their budgets. It is up to the Cities to keep within their budgets and according to records, Detroit has overspent their last 3 years budgets.

This Filing will get them back on track.

Good luck to them.

It's a very sad end to a once great City. But that's what Liberals want. They cannot stand to see something be successful. High taxes and greed is what killed Detroit. General (Government or Generous) Motors and the UAW have been in Control for a very long time there (Ford is in Dearborn and Chrysler is in Auburn Hills). The Great Social Awakening has failed in Detroit. The only thing good about Detroit now is the Tigers, Pistons (who are contemplating on moving back to Ft. Wayne, Ind.), and the Lions. But, when you have so many there that just takes and takes, but never puts anything back into it, then their demise is inevitable. Kind of what Obama, Holder, Pelosi, and Reid want to happen to the USA. Many will say that Motown has been good for Detroit, but they are another 'business' that has failed to put anything back. Right now, the only Auto Mfg. Plants in Detroit would be the Ford Rouge Facility and Chryslers Facilities on Jefferson/Mack Ave. & on Conner.

Obama had them " fix " the books for his reelection to make it look like they were MAKING money,

Now the truth comes out LMAO

Gotta love it. Libs are stupid

LMAO and Dan never blamed Bush, That's a laugh

Unfortunetly Detroit is not alone, at best these cities have nowhere else to go but up.

yeah because what just happen in Detroit is only the democrat party fault

you're the true evidence to why America won't ever able to fix anything

and the last past 6 years of obstructive politics of the republicans prove it

and that is a fact

so instead find real solutions lets just keep play the blaming game OK?

Right, there were no Republicans involved at all. The conservative hatred of people who work for a living is nothing short of amazing. Just saying.

Democrats find the relationship between income and spending to be very complex and perplexing.