Detroit Officially Goes Bankrupt

Detroit News: Detroit eligible for bankruptcy

A federal judge has ruled Detroit is eligible to file for the nation’s largest Chapter 9 bankruptcy to help dig out from under $18 billion in debt and that city pension payments can be cut to help make that happen.

Not only that, but the pension plans are also ruled to be fair game, as they

As Instapundit often says, something that won't go on forever, won't. 

Under-funded pension plan obligations that depend on other people's money will stop once they've run out of other people's money.  Detroit has now officially run out of other people's money.