WASHINGTON — Detroit may be alone among the nation’s
biggest cities in terms of filing for bankruptcy, but it is far from
the only city being crushed by a roiling mountain of long-term debt.
At
the heart of Detroit’s problem is a growing unfunded debt on benefits
owed to current and future retirees — some $3.5 billion, according to
its emergency manager, Kevyn Orr — which mirrors a circumstance being
seen across the U.S.
From Baltimore to Los Angeles, and many points in between,
municipalities are increasingly confronted with how to pay for these
massive promises. The Pew Center for the States, in Washington,
estimated states’ public pension plans across the U.S. were underfunded
by a whopping $1.4 trillion in 2010.
READ MORE: http://www.freep.com/article/20130721/NEWS06/307210073/
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