'The looming time bombs of unfunded and underfunded pension liabilities threaten to shred the very fabric of American society. Detroit should spur a frank discussion on American values… Will we take the painful steps necessary to fundamentally change our funding of retirement? Is it okay to sell off public assets at pennies on the dollar to satisfy bondholders, while reneging on promises made to pensioners? Will we allow our government to continue to favor Wall Street at the expense of Main Street?'
Portside
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