Monday, October 26, 2009

That money is washing away


That money is washing away


"The basic problem is that pension funds created to finance retirement benefits for thousands of public employees -- teachers, police officers, firefighters, and state, city and county workers of every description -- lack sufficient funds to meet their obligations.........
....Minneapolis Mayor R.T. Rybak brought the scale of the situation home in his budget address last summer.
He reported that nearly two-thirds of an 11.3 percent property tax hike next year would go to fund the city's pension obligations."

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