Detroit bailout bill leaves taxpayers on hook for pension underfunding
By Jarett Skorup | Michigan Capitol Confidential
A Michigan House committee on Wednesday approved a package of bills that gives a partial bailout to Detroit and continues to allow the city the ability to rack up unfunded retiree liabilities.
An 11-bill package was recently proposed to deal with the Detroit bankruptcy situation. The focal point was an allocation of $195 million to the city, while the other legislation mostly dealt with protecting state taxpayers, citizens and public workers to prevent the fiscal situation from happening in the future. The bills were taken up by the “Detroit’s Recovery and Michigan’s Future” committee.
at Michigan Capitol Confidential.