Posted on 12/01/2016 8:11:43 AM PST by SeekAndFind
The mayor of Dallas uses the word “bankruptcy,” and the New York Times and Wall Street Journal swoop in to report on the city’s imminent doom.
The mayor of Houston holds a press conference to declare the pension problem solved, and folks just go along with it.
The truth is that the two cities are in equally dreadful trouble, headed for bankruptcy, as are Fort Worth and El Paso, thanks to delusional forecasting, ludicrous system design, and meddlesome union-funded lawmakers from across the state who’ve stripped big-city voters of their right to govern their own finances.
How mismanaged are these city’s pensions?
Take Portland, Oregon, for comparison. Portland has put no money aside for its retired police and firefighters. Zero, ever.
Yet all four Texas cities have bigger pension debt compared to tax revenue than Portland.
Much of Dallas’ recent bad press mentions that the city is now second to Chicago in pension debt-to-tax revenue ratio (Houston was fourth), but this isn’t really new. Crain’s Chicago Business reported that fact a year ago, and Watchdog.org reported on a similar study that put Dallas third in the nation, El Paso fourth, and Houston fifth.
Of the 25 biggest cities in the country, Fort Worth and El Paso tell themselves the biggest official lies about how much money they should be setting aside for pensions, according to a 2016 study by Joshua Rauh, a professor of finance at Stanford University. Then come Los Angeles, Houston, and Dallas on the list of the delusional.
The Times story gets into just how unrealistic Dallas’ plan was: 9 percent investment returns forever and a yearly bill set by state law that didn’t begin to cover expenses.
(Excerpt) Read more at spectator.org ...
It's impossible to forecast/collect/allocate revenue if ‘unaccounted consumers’ arrive and CONSUME without being on the books.
The REAL crime of undocumented’s.... ? They are CONSUMING WITHOUT CONTRIBUTING!
“I am in very red Dallas County and rather enjoying watching Dallas choke on its liberal policies.”
DALLAS COUNTY RESULTS 2016
Donald J. Trump (REP) 262,945 34.87%
Hillary Clinton (DEM) 461,080 61.14%
I’m not seeing a whole lot of Red in Dallas County.
>>I’m not seeing a whole lot of Red in Dallas County.<<
OOps — I am in what I think is very red Irving. I keep forgetting about South Dallas.
Massive populations of illegal aliens are partly to blame. Roughly half of the babies at Dallas and Fort Worth county/charity hospitals, for example, have illegal alien mothers, AND the city gives them lots of freebies from car seats to cribs. If you’re a poor black or white, nope, just the standard diaper bag with some formula.
The stats might be inflated by legal resident and citizen hispanics claiming illegal status to avoid the bill for the hospital and to get more freebies, since it doesn’t affect getting paperwork for the baby as a citizen.
Most of the illegals in the area prefer San Antonio down I-35?
Dallas has gone Democrat as conservatives moved out to the surrounding suburbs.
Dare I ask if all these cities are run by Dims?
Put liberals in charge, expect the worst and you will be not be disappointed.
“Well then, why isn’t Austin on the verge of bankruptcy?”
Because it hasn’t run out of other people’s money yet.
Austin sucks the rest of the state dry with UT and being the seat of government.
Similar to how Washington DC is doing great under Obama.
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