Apparently the bankruptcy filing is being contested as unconstitutional.
The city owes $18 billion
9 billion of that is to pension funds
There are way more people drawing on the funds than contributing
The city's population has dropped from 1.7 million to 0.7 million
How the heck do you solve this? Any interim measures still don't address the core problem - providing any kind of reasonable city services is completely unsustainable. Do you just abandon the people left there? Bizarre scenario, which I find particularly interesting as I live in one of North America s most thriving cities just 4 hours down the highway.
The city owes $18 billion
9 billion of that is to pension funds
There are way more people drawing on the funds than contributing
The city's population has dropped from 1.7 million to 0.7 million
How the heck do you solve this? Any interim measures still don't address the core problem - providing any kind of reasonable city services is completely unsustainable. Do you just abandon the people left there? Bizarre scenario, which I find particularly interesting as I live in one of North America s most thriving cities just 4 hours down the highway.
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