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Detroit Bankrupcy (Detroit)

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Detroit pensioners likely to only receive 16 cents on the dollar

City financial consultant Kenneth Buckfire said he did not have to recommend to Orr that pensions for the city's retirees be cut as a way to help Detroit navigate through debts and liabilities that total $18.5 billion. Buckfire said it was clear that the city did not have the funds to pay the unsecured pension payouts without cutting them.

Detroit pension trustees spent over $1 billion on "bonuses" to workers, retirees and the city of Detroit

These “bonuses” were used to lower the contribution the city was required to make, to give retirees a little something extra around Christmas time, and to fund individual savings accounts that workers are offered along with their pensions.

60% of Children in Detroit Are Living in Poverty

This represents a 64.7 percent increase in child poverty in the city since 1999. Children account for 194,347 of Detroit’s residents, or 27 percent of the city’s total population.

47% of Detroit Residents are Functionally Illiterate

According to a new report, 47 percent of Detroiters are ”functionally illiterate.” The alarming new statistics were released by the Detroit Regional Workforce Fund.

In 1960 Detriot Had the Highest Per Capita Income in the US

It’s hard to imagine, but up until 1950, Detroit was the fourth biggest city in America. In 1960, it had the highest per-capita income in the U.S.

Detroit Owes Over 100,000 Creditors $18.5 Billion

The list of those owed includes the names of all of the city’s active employees and its retirees, a list of properties that have tax claims with the city, numerous bondholders, business creditors and companies that insured Detroit debt. The largest creditor is the city's general pension scheme, which is owed $2 billion.

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