Posted on 11/21/2016 11:02:52 AM PST by SeekAndFind
DALLAS — Picture the next major American city to go bankrupt. What springs to mind? Probably not the swagger and sprawl of Dallas.
But there was Dallas’s mayor, Michael S. Rawlings, testifying this month to a state oversight board that his city appeared to be “walking into the fan blades” of municipal bankruptcy.
“It is horribly ironic,” he said.
Indeed. Dallas has the fastest economic growth of the nation’s 13 largest cities. Its streets hum with supersize cars and its skyline bristles with cranes. Its mayor is a former chief executive of Pizza Hut. Hundreds of multinational corporations have chosen Dallas for their headquarters, most recently Jacobs Engineering, which is moving to low-tax Texas from pricey Pasadena, Calif.
But under its glittering surface, Dallas has a problem that could bring it to its knees, and that could be an early test of America’s postelection commitment to safe streets and tax relief: The city’s pension fund for its police officers and firefighters is near collapse and seeking an immense bailout.
Over six recent weeks, panicked Dallas retirees have pulled $220 million out of the fund. What set off the run was a recommendation in July that the retirees no longer be allowed to take out big blocks of money. Even before that, though, there were reports that the fund’s investments — some placed in highly risky and speculative ventures — were worth less than previously stated.
(Excerpt) Read more at nytimes.com ...
Or Democrat.
or DUMMY
As Trump would say, exorbitant pension funds are killers.
Is there any city big or small that doesn’t have this problem?
Force a sale of most of the city owned properties—leave a few parks to set up tents for the city managers to have a place to do what they do.
New York City should be able to hold out until 2026, Los Angeles will likely go in 2022, Seattle in 2020, Chicago again in 2019 to name but a few.
Squeeze the tax serfs more and everything will be just fine.
Or not. What type of pensions do the serfs get?
Anyone who has the gall to act surprised if Democrats mismanage some pension funds should be mocked severely.
Alaska has oil and gas proceeds
Unless an environmental wacko cancel oil like the tyrant Obama cancelled coal in West Virginia, there is likely not a problem
Am I mistaken? Or has Dallas drifted steadily the last several years into GOPe/"progressive" can't-fix-stoopid territory?
Any connection?
RE: Am I mistaken? Or has Dallas drifted steadily the last several years into GOPe/”progressive” can’t-fix-stoopid territory?
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See here: https://en.wikipedia.org/wiki/Politics_of_Texas
Despite overall Republican dominance in Texas, Austin, the state capital, is primarily Democratic, as are El Paso, Houston, Dallas, San Antonio and the Rio Grande Valley. However, the suburbs of these cities remain heavily Republican.
Let them go broke....cut the pensions in the bud.
How about Austin? I would be amazed...
Seems like Texas is determined to self-destruct before I have the opportunity to move there as intended...
Pity.
Looks like I better dust off my second choice...
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