‘Michigan Matters’ Focus: Chamber Leaders Sound Off On Lame Duck Lansing Legislature, Motor City, Gov. Snyder
Rich Studley, CEO of the Michigan Chamber of Commerce, is convinced Michigan’s roads will finally get the attention and resources needed to repair them after some tough winters that have wreaked havoc for motorists.
Detroit’s main pension fund plans to hold public meetings in early December to discuss upcoming cuts and an opportunity for retirees to apply for financial help.
Mayor Mike Duggan expressed concern about fees associated with the bankruptcy that could hit $200 million.
The Detroit Financial Review Commission was created as a condition for Michigan committing $195 million toward ending the city’s bankruptcy.
Detroit’s long-term fiscal recovery plan was approved Friday by a bankruptcy judge and calls for $1.7 billion to remove blight and fix city services over the next 10 years.
How did Detroit get to the point where it became the largest U.S. city to file for bankruptcy and what will keep the city from further fiscal irresponsibility?
Part of the plan is to cut the pensions of general retirees by 4.5 percent, while some retirees say that they are worried that the city could fall into debt and file for bankruptcy again.
“People will long remember that when Detroit arrived at this troubling hour…”
A judge on Friday approved Detroit’s plan to get out of bankruptcy, ending the largest public filing in U.S. history.
The judge overseeing Detroit’s bankruptcy is ready to decide whether the city’s plan to regain solvency is a good one.