Date: 2|18|2011
Top 10 Cities Facing a Pension Crisis
The battle raging over public unions in Wisconsin is starting to shine the spotlight on the fiscal problem public unions have created not only in Wisconsin, but across the nation. In late December, 2010 the first total municipal pension default occurred in Prichard, AL. If the status quo is allowed to continue, many more, and many large cities face the same fate. Here’s a look at the top 10 cities facing a pension crisis:
10. Fort worth: unfunded liability of $2 billion. Insolvent by 2023
9. Detroit: unfunded liability of $6.4 billion. Insolvent by 2023
8. Baltimore: unfunded liability $3.7 billion. Insolvent by 2022
7. NYC: unfunded liability of $122.2 billion. Insolvent 2021
6. Jacksonville. Unfunded liability of $4 billion. Insolvent 2020
5. St. Paul: unfunded liability of $1.4 billion. Insolvent 2020
4. Cincinnati: Unfunded liability of $2 billion. Insolvent 2020
3. Boston: Unfunded liability of $7.5 billion. Insolvent 2019
2. Chicago: unfunded liability of $44.8 billion. Insolvent 2019
1. Philadelphia: unfunded liability of $9 billion. Insolvent 2015
Source Robert Novy-Marx and Joshua Rauh
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