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Author Topic: The First 10 City Pensions That Will Run Out Of Money  (Read 1029 times)

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Offline Chris_

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The First 10 City Pensions That Will Run Out Of Money
« on: October 14, 2010, 11:08:01 PM »
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Business Insider
The municipal pension crisis is like the social security crisis but worse: Unlike the federal government, cities cannot legally go into debt.

This imminent disaster is described in a new paper out by Robert Novy-Marx and Joshua Rauh [PDF].

Novy-Marx and Rauh say most cities are burdened with unfunded liabilities, which are ignored by common accounting methods.  Unfunded liabilities equal around $15,000 per household nationally, and up to $41,000 per household in some cities.

These cities are running out of money and will have to raise revenue or cut benefits to stay solvent.
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Offline JohnnyReb

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Re: The First 10 City Pensions That Will Run Out Of Money
« Reply #1 on: October 15, 2010, 04:23:46 AM »
...and then you add in county, state and federal pensions and we're talking some real money debt here.
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Offline true_blood

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Re: The First 10 City Pensions That Will Run Out Of Money
« Reply #2 on: October 15, 2010, 05:20:47 PM »
WOW!! If they are starting to bring this up now, you it's about to hit these states hard soon!! I'm in one of them unfortunately, Boston. Land of the la-la liberals. :mental:
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Offline Duke Nukum

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Re: The First 10 City Pensions That Will Run Out Of Money
« Reply #3 on: October 15, 2010, 05:48:27 PM »
Kind of surprised Detroit is so low on the list.
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Offline JohnnyReb

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Re: The First 10 City Pensions That Will Run Out Of Money
« Reply #4 on: October 15, 2010, 05:59:17 PM »
Blacks make up 1/8 of the population but 1/3 of the cities in trouble are run by blacks.....just say'n.
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“The American people will never knowingly adopt socialism. But, under the name of ‘liberalism’, they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened.” - Norman Thomas, U.S. Socialist Party presidential candidate 1940, 1944 and 1948

"America is like a healthy body and its resistance is threefold: its patriotism, its morality, and its spiritual life. If we can undermine these three areas, America will collapse from within."  Stalin

Offline Boudicca

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Re: The First 10 City Pensions That Will Run Out Of Money
« Reply #5 on: October 15, 2010, 09:45:13 PM »
Quote from: JohnnyReb on October 15, 2010, 05:59:17 PM
Blacks make up 1/8 of the population but 1/3 of the cities in trouble are run by blacks.....just say'n.

Black Dims.  If people would wise up and elect some conservative, business oriented black politicians, aka Republicans, I'd bet the cities wouldn't be so screwed up.
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Offline Evil_Conservative

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Re: The First 10 City Pensions That Will Run Out Of Money
« Reply #6 on: October 16, 2010, 12:49:53 AM »
The site is down for maintenance at the moment.  :(

I was curious to know if Las Vegas made the list.
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Offline Lacarnut

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Re: The First 10 City Pensions That Will Run Out Of Money
« Reply #7 on: October 20, 2010, 07:44:08 PM »
Even though city and state pensions are unfunded, there are trillions of dollars in them unlike the S.S. fund. Greedy politicans are eyeing this pot of gold. Buddy Roemer, ex Gov of LA, tried to raid the state pension fund in the 80's and put IOU's in there to cover budget shortfalls.
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