As City Goes Broke, One Expense Is Safe

As City Goes Broke, One Expense Is Safe
"Here in New York, the hostages go by different names, but serve the same function. They turn up without fail whenever the city is running short of money: library hours, firehouses, police officers, class sizes, day care centers, garbage pickup, health clinics. As perennial hostages to budget-making, these basic services, public servants and municipal buildings are captive to the current fiscal crisis.
Not so for the fastest-growing expense in the city since 2000: pension funds.
“The city’s payments to the pension plans have grown at 25 percent annually since fiscal year 2001,” said Martin Davis, a labor and pension analyst with the city’s Independent Budget Office."