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City of Dallas Texas is Broke!
serf
Member Posts: 9,217 ✭✭✭✭
This is getting worrisome when a rich City like Dallas can't fund it's fire and police pension! They blame huge payouts as the pensioners starting pulling out big sums of their retirement before the politicians can steal it from them!
A run on pension plans is just the beginning for a lot of municipalities'
serf
http://www.nytimes.com/2016/11/21/business/dealbook/dallas-pension-debt-threat-of-bankruptcy.html
Over six recent weeks, panicked Dallas retirees have pulled $220 million out of the fund. What set off the run was a recommendation in July that the retirees no longer be allowed to take out big blocks of money. Even before that, though, there were reports that the fund's investments - some placed in highly risky and speculative ventures - were worth less than previously stated.
A run on pension plans is just the beginning for a lot of municipalities'
serf
http://www.nytimes.com/2016/11/21/business/dealbook/dallas-pension-debt-threat-of-bankruptcy.html
Over six recent weeks, panicked Dallas retirees have pulled $220 million out of the fund. What set off the run was a recommendation in July that the retirees no longer be allowed to take out big blocks of money. Even before that, though, there were reports that the fund's investments - some placed in highly risky and speculative ventures - were worth less than previously stated.
Comments
NOTHING is funded.
Corporations have not funded their promised retirement and healthcare
Federal and states have not funded thier obligations either.
And of Course cities are even worse.
We promised Seniors, Military, Police, Fireman, Teachers, Public Works, Etc. Etc. these things but we were never willing to actually collect the taxes needed to pay for it.
When the day comes those who collected early in the Ponzi scheme will be OK but those who are still to get theirs are damned.
Beans and weenies for all.
Our richest and poorest citizens would all be much worse off today if we couldn't promise anything without funding it up front.
quote:Originally posted by chiefr
The mayor is a DEMOCRAT
All is well, just ask Obama, he fixed all the broken stuff.
Shame on City of Dallas and other Gov negotiators who fail to do the math on these promises to employees.
There has recently been a great egress of police/fire/EMS personnel,and for good reason.
Bottom line is, if nothing changes, the pension fund is expected to become insolvent by 2028.
OH MY GAWD!!!
Could we maybe send serf to Japan to cover the tsunami live from the beach?
To the buffoon who posted this OP, the city of Dallas, Texas is most certainly not broke.
There has recently been a great egress of police/fire/EMS personnel,and for good reason.
Bottom line is, if nothing changes, the pension fund is expected to become insolvent by 2028.
OH MY GAWD!!!
Could we maybe send serf to Japan to cover the tsunami live from the beach?
Suppose this eliminates the possibility of Houston becoming the Capital?
City of Houston Texas is Broke!
Half of the USA is the same way. Oregon is 22billion in the hole. This country is in big trouble.
Maybe some day they will learn......