"If Detroit isn't too big to fail, is any city?" asks the WSJ. There's Oakland, "Detroit's...
"If Detroit isn't too big to fail, is any city?" asks the WSJ. There's Oakland, "Detroit's doppelganger on the West Coast," where 100 police were laid off recently to fund retirement benefits and pension-obligation bonds despite high crime. Philadelphia spends about 20% of its budget on pensions, while Chicago Public Schools is firing 2,100 people due to a $400M rise in retirement payments. "The pension crisis is no longer around the corner," said Mayor Rahm Emanuel. "It has arrived at our schools."
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