Lawrence J. McQuillan
| Friday September 25, 2015 at 11:17 AM PST
Four U.S. cities went belly up recently, and all declared bankruptcy largely due to unaffordable government pension costs. The outcomes of these bankruptcies should make everyone think twice about lending money to cities with serious public pension debts. The graphic below shows the outcome of the municipal bankruptcies in Vallejo, Detroit, Stockton, and San...
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Tags: bonds, Chicago, Chicago Public School Teachers' Pension and Retirement Fund, Chicago Public Schools, default, Detroit, Franklin Templeton, Government bonds, government pensions, Illinois, Moody's, municipal bankruptcies, pension obligation bonds, property taxes, public pensions, Rahm Emanuel, San Bernardino, Stockton, unfunded liabilities, unfunded liability, unfunded pension liabilities, Vallejo
David J. Theroux
| Monday December 20, 2010 at 2:53 PM PST
In a new article in the London Guardian, “$2 Trillion Debt Crisis Threatens to Bring Down 100 U.S. Cities,” Elena Moya reports that “Overdrawn American cities could face financial collapse in 2011, defaulting on hundreds of billions of dollars of borrowings and derailing the U.S. economic recovery. Nor are European cities safe—Florence, Barcelona, Madrid,...
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Tags: 60 Minutes, Bailouts, Barcelona, Budapest, Budget and Tax Policy, California, Chris Christie, Civil Society, Corruption, default, Detroit, Economics, Europe, Florence, government bankruptcy, Guardian, Istanbul, Lisbon, Madrid, Money and Banking, Moody's, Naples, Nationalization, New York, Police, Power, Privatization, Property Rights, Socialism, Tabarrok, Taxation, Taxes, The State, urban crisis, Urban Issues, Venice, Welfare