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The Incredible Shrinking Pension

by Jimmy Mengel, Wealth Wire:

Let me start off by saying that I love my hometown of Baltimore. It’s been invigorating to watch the city come together to bask in the glow of the Ravens’ Super Bowl victory…

But now that the parade confetti has been cleared from the streets, reality has started creeping back in.

This was especially evident when Mayor Stephanie Rawlings-Blake held a press conference last week to announce the city is flat broke. What’s more, without some major fiscal contortion, we’ll be bankrupt in ten years.

According to a recent forecast, Baltimore City would run a deficit of $750 million dollars by 2022 if we keep spending at current levels.

And much of this can be laid at the feet of bloated city employee pensions…

Read More @ WealthWire.com

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