The city of Flint, Michigan may soon follow Detroit into bankruptcy:
If a judge rules against Flint's effort to cut its retiree health care benefits, the city is expected to join about a dozen cities or counties to seek court relief since the beginning of the recession.
http://www.cnbc.com/id/101820173
Although this report blames Flint's troubles on retirees (the real fundamental, underlying question about the ability of a municipality to alter retiree health care benefits), the true underlying cause is neoliberalism and global free trade agreements which destroyed the US economy and offshored our tax base.
There will be more of this to come. Your retirement benefits may be the next to be so attacked.
By the way, the ObamaDon'tCare Program was enacted for this very reason: to give employers and insurance providers a way to shed their obligations for employee and retiree health care.
Are you happy now?
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