The winners and losers in Detroit’s bankruptcy


By James H. Hohman | Michigan Capitol Confidential

Much sympathy has been extended to the Detroit pensioners who are facing cuts to their retirement income.

Indeed, some have argued that they are the biggest losers in the Detroit bankruptcy. A proper accounting, however, shows that they have been among the most protected. This does not mean that cuts will not be painful. It shows that Detroit is in a bad situation.

at Michigan Capitol Confidential.