In a tragic twist on the "guns or butter" concept, many of our cities are faced with declining populations and revenues and exploding pension liabilities. Once an easy way for a mayor to kick the can down the street, pensions were negotiated with city workers in lieu of salary hikes. 40 years later with infrastructure crumbling and bloated city workforces, mayors are unwilling or unable to make hard choices.
There's money to pay these pensioners or fix the streets but not both.
There's money to pay these pensioners or fix the streets but not both.