The Detroit bankruptcy and the global social counterrevolution - World Socialist Web Site
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The Detroit bankruptcy and the global social counterrevolution
4 February 2014
Last week, the Detroit news media leaked parts of the restructuring plan that Emergency Manager Kevyn Orr is set to implement in the largest municipal bankruptcy in US history. Euphemistically called a “plan of adjustment,” it outlines a savage assault that will set a precedent to escalate the attacks on the working class throughout the US and internationally.
The plan includes ending medical benefits for 23,500 retired city workers and forcing them onto Medicare or Obama’s private insurance exchanges. Retirees will also see their already meager pension checks slashed as the city reduces payments to pension trust funds by as much as 75 percent.