The Pension Drag
4:09 PM, Oct 2, 2013 • By GEOFFREY NORMAN
The specter of municipal bankruptcies spreading across the land – especially in states like Illinois, California, and Michigan – has been out of mind of late. Pushed off the agenda by other crises. But it has not gone away even – or, perhaps, especially – in jurisdictions where the problem was thought to have been dealt with, if not actually solved.
Situations like this (think Detroit)
So it seems inevitable that there will be pressure for bailouts. Another transfer of wealth from the responsible to the profligate. With the responsible officials long since out of office.
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