The City of Detroit, MI, declared bankruptcy on Thursday, with $18.5 billion in debt, and other US cities don't seem far off in this economy, regardless of how the Obama administration attempts to minimize the effects of massive spending, decreased capital and high unemployment.

In recent months, the city has relied on state-backed bond money to meet payroll for its 10,000 employees, reported FoxNews.com.

There is a big problem for Detroit, however, besides the bankruptcy filing. Circuit Judge Rosemarie Aquilina ruled the bankruptcy filing violates the Michigan Constitution by threatening the pension benefits for the city's retirees; but the Michigan State Attorney General Bill Schuette said he would appeal the decision.

The State Constitution includes a prohibition against any action that would modify pensions.

Lawyers representing pensioners and two city pension funds got an emergency hearing with Aquilina Thursday, but attorneys and the judge learned City Manager Kevyn Orr filed the Detroit bankruptcy petition in Detroit five minutes before the hearing began, reported the Detroit Free Press.

Trying to slip out from under the obligation to pay retirees their pensions is the ultimate low.

We are living in the last days, friends, and callous spending and unconscionable behavior towards the retired, elderly and sick will only get worse in the days ahead. The Word of God tells us that the world's economic system will collapse and drastically change,

“They shall cast their silver in the streets and their gold shall be removed; their silver and their gold shall not be able to deliver them in the day of the wrath of the Lord; they shall not satisfy their souls, neither fill their bowels, because it (their silver and gold) is the stumblingblock of their iniquity” Ezekiel 7:19.

“He causes all, both small and great, rich and poor, free and bond, to receive a mark in their right hand or in their foreheads, that no man might buy or sell, save he who had the mark, the name of the beast (antichrist) or the number of his name. Here is wisdom. Let him who has understanding count the number of the beast, for it is the number of a man and his number is six hundred, sixty-six” Revelation 13:16-18.

Are you prepared to stand before God and give an account of the life you have lived on this earth? If not, please visit the How Can I Be Saved page of this website. Your eternal destiny depends on it. God bless you.