An article in the Economist shows a pretty ugly map about pension obligations of the US states (those of the federal government have been pretty well chronicled).
A thoughtful article by a New York teacher is a sober, personal view of the problem. One wonders how the politicians, unions, retirees and tax-payers/residents are going to solve the mess at scale ... or just wait for the train wreck to force them a) to the negotiating table b) court c) all of the above.
A thoughtful article by a New York teacher is a sober, personal view of the problem. One wonders how the politicians, unions, retirees and tax-payers/residents are going to solve the mess at scale ... or just wait for the train wreck to force them a) to the negotiating table b) court c) all of the above.
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This lack of legislation is also starting to hurt Chicago, the state’s biggest city. By 2015 the payments the city must make will spike dramatically—a forecast that caused Moody’s to downgrade its rating by three notches, to A3, last month. On July 31st the mayor, Rahm Emanuel, warned that next year’s $339m budget deficit will yawn to $995m in 2015 and to $1.15 billion by 2016. Revenues are around $3 billion annually.
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