Panic in Detroit: Municipal Bankruptcy and Lessons for City Pension Schemes
August 1, 2013
Thomas A. Dubbs
The financial meltdown of Detroit may result in fallout not only for the city's own retirement schemes, but for public pension funds on both sides of the Atlantic that worry about the increasingly fragile state of municipal finances.
Detroit's financial problems are deeply rooted. The loss of manufacturing jobs, a shift of higher income taxpayers to the city's exurbs, and mounting obligations to the city's retired workers combined to leave the municipality in dire financial straits.
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