Word: detroits
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Dates: during 1970-1979
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Typical of the many cities or states that face the pension squeeze is Hamtramck, Mich. (pop. 26,000), a working-class town of neat clapboard houses skirting Detroit. Payments for retired Hamtramck public employees could be halted next year. Pension promises in the past were so generous while funding was so skimpy that 99% of the town's property tax income now must be funneled directly into the police and fire pension funds to keep them afloat. One former city employee who contributed only $35 to his retirement plan when he was on the payroll has collected...
...double-digit inflation will be difficult but inevitable. Without some moderate increase in the burden on current workers combined with some decrease in benefits for current and future retirees, the fate of many pension programs is grimly clear. Says Richard Roeder, a pension analyst in Detroit: "For the Hamtramcks of this country, no one has an ark. The flood will come...
...Excellent!" beamed Douglas Fraser, the United Auto Workers chief. "A credit to to both parties," said a General Motors negotiator. Both were praising a rare peaceful settlement, arrived at in a final flurry of horse trading at GM's imposing stone headquarters in Detroit just 4½ hours before a strike deadline. For the first time in 15 years, the autoworkers had reached a tentative contract agreement without going on a national strike. The three-year pact was concluded with GM but sets the pattern for the industry and covers 780,000 workers...
Some details, including the precise size of the wage increase, were withheld until the settlement could be reviewed by officers of the GM locals, meeting in Detroit this week. A local-by-local ratification vote by all members should be completed within ten days...
...York Jets 31, Detroit...