by Danny Huizinga, Baylor University
Amidst the crumbling buildings and despair plaguing the city of Detroit, it’s easy to dismiss the bankrupt city’s fate as a freak event. However, other states around the country are facing the same financial problems that devastated the “arsenal of democracy.”
It’s not often that a public pension crisis makes national headlines. Hardly surprising, considering the “fiscal weariness” that has overcome the country after years of debt limit debates and sequester cuts. But when years of generous pensions came due for payment, the money was not there. As a result, the city filed for Chapter 9 bankruptcy, desperate to find a way out of the seemingly insurmountable crisis.
Though public pensions are not technically the city’s largest financial problem…
Read the full article at Communities at WashingtonTimes.com.
Follow Danny on Twitter @HuizingaDanny.