[SeekAndFind]

NOTE:

1) This article was TOO OPTIMISTIC about Detroit, they estimated the city could last till 2023. The moment of reckoning came 3 years later.

Which makes me wonder how long the other cities will last before bankruptcy comes knocking...

2) The article was written before Rahm Emmanuel took over as Mayor of Chicago. Since then, the murder rate of Chicago's south side has SHOT UP.

[SeekAndFind]

Any other cities you have in mind?

Also... how many of the above are sanctuary cities for illegal aliens???

[cripplecreek]

I’ve been trying to warn people but they’re too busy beating up on Detroit to hear it.

The nation as a whole is in even worse shape.

[CincyRichieRich]

What do they have in common? City councils are run majority by libs...how about that? Mallory here in Cincy is as corrupt as they come...no money, but plenty for the streetcar.

[circlecity]

"This article was TOO OPTIMISTIC about Detroit"

I'm betting he was too optimistic with most of these cities and many of them will be doing a Detroit within the next 5 years.

[Steve_Seattle]

"This article was TOO OPTIMISTIC about Detroit, they estimated the city could last till 2023. The moment of reckoning came 3 years later."

A good point. Philadelphia seems next in line, chronologically, but the number that jumped out at me was new York's liability - over $100 billion.

I was glad to see Seattle not on the list, as I am now a city retiree. Seattle is far left on social issues, but relatively conservative on fiscal issues. Actually, the city did not become a far left enclave until the 1980s. Prior to that it was a middle-of-the-road, heavily Scandinavian town that actually had a few moderates and/or conservatives on the City Council.

[Paul R.]

Those figures for Chicago are astounding. If (if) Chicago has 6 years, that works out to about $6000 per year from the average household. The state itself is in horrific financial straits, and Gov. Quinn and the legislature are at each others throats (sort of a “M.A.D.” scenario), so, no help there.

One can only hope the crashes happen sooner than later, to discredit the libs in time for the 2014 elections.

[Sender]

I think that the others will watch closely what happens in Detroit. They probably are already retaining lawyers.

[blueunicorn6]

If you make your money looting the public treasury, then nothing is more frightening than seeing the public treasury dry up. You’ll do anything to keep the money coming. Maybe you can get some money from another public treasury.

[Truth is a Weapon]

The estimate was not for the solvency of the City of Detroit but the time until the pension fund cannot meet its monthly distribution obligation. The pension plan has some assets which can be liquidated to pay benefits currently. However, if you discount all the future promises to today’s date at their present value the fund is way underfunded.

The City of Detroit filed bankruptcy, not the pension plan. For the time being retirement benefit payments can continue. Once it is determined the City will not fund the plan at its promised level, the pension plan itself will have to go into bankruptcy or otherwise revise their benefit obligations.

[SC_Pete]

Chicago just needs more gun laws. /sarcasm alert

[Lonesome in Massachussets]

It isn't clear that they were too optimistic. They were merely showing how long until the pension fund hit zero, not the overall solvency of the city.

[b4its2late]

Mayor Mike Moncrief - Democrat

Mayor David Bing - Democrat

Mayor Stephanie Rawlings-Blake - Democrat

Mayor Michael Bloomberg - Independent (My a$$)

Mayor John Peyton - Republican

Mayor Chris Coleman - Democrat

Mayor Mark Mallory - Democrat

Mayor Thomas Menino - Democrat

Mayor Richard Daley - Democrat

Michael Anthony Nutter - Democrat

[GladesGuru]

IMHO, bankrupt out of the trough feeder pension funds, then they can fight with trolls for living space under the bridges.

[djf]

The “public pension bubble” is gonna make the “real estate bubble” look like chump change.